KEY EVENTS TO WATCH FOR:

Monday, July 8, 2019 

10:00 AM ET. June Employment Trends Index

                       ETI (previous 111.63)

                       ETI, Y/Y%

2:00 AM ET. U.S. SEC Chairman Jay Clayton in Boston

3:00 AM ET. May Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +17.50B)

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""

The September NASDAQ 100 closed lower on Friday.The mid-range close sets the stage for a steady to higher 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. Closes above April's high crossing at 7910.75 would open the door into uncharted territory. Closes below the 20-day moving average crossing at 7668.77 would confirm that a short-term top has been posted. First resistance is April's high crossing at 7910.75. Second resistance is unknown. First support is the 20-day moving average crossing at 7668.77. Second support is the reaction low crossing at 7446.25. 

The September S&P 500 closed lower on Friday as it consolidates some of this week's rally. The mid-range close sets the stage for a steady to higher 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 September extends the rally off June's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2931.01 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 3004.00. Second resistance is unknown. First support is the 20-day moving average crossing at 2931.01. Second support is the 50-day moving average crossing at 2891.91.  

The Dow closed lower on Friday. The high-range close sets the stage for a steady to higher 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 the Dow extends the rally above last-October's high crossing at 26,951.81 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 26,457.80 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 26,966.00. Second resistance is unknown. First support is the 10-day moving average crossing at 26,702.15. Second support is the 20-day moving average crossing at 26,457.80.

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

September T-bonds closed down 1-18/32's at 155-04.

September T-bonds posted a huge 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 diverging and are turning neutral to bearish with today's decline signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 154-31 would confirm that a short-term top has been posted. If September extends the rally off March's low, weekly resistance crossing at 158-09 is the next upside target. First resistance is today's high crossing at 157-02. Second resistance is weekly resistance crossing at 158-09. First support is the 20-day moving average crossing at 154-31. Second support is the reaction low crossing at 152-27.           

September T-notes closed down 235-pts. At 127.135.

September T-notes closed lower on Friday and below the 20-day moving average crossing at 127.185. Multiple closes below the 20-day moving average crossing at 127.185 are needed to confirm that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends today's decline, the reaction low crossing at 126.155 is the next downside target. If September extends the rally off April's low, weekly resistance crossing at 130.010 is the next upside target. First resistance is Wednesday's high crossing at 128.140. Second resistance is weekly resistance crossing at 130.010. First support is the reaction low crossing at 126.155. Second support is the 50-day moving average crossing at 125.312.       

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

August crude oil slightly higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday's night session begins. 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 55.86 would confirm that a short-term top has been posted. If August resumes the rally off June's low, the May 20^th reaction high crossing at 64.03 is the next upside target. First resistance is the 50-day moving average crossing at 58.52. Second resistance is the reaction high crossing at 64.03. First support is the 20-day moving average crossing at 55.86. Second support is June's low crossing at 50.79.  

August heating oil closed slightly higher on Friday as it consolidates Tuesday's decline. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 188.02 are needed to confirm that a short-term top has been posted. If August resumes the rally off June's low, the reaction high crossing at 202.50 is the next upside target. First resistance is the 50-day moving average crossing at 195.99. Second resistance is the reaction high crossing at 202.50 is the next upside target. First support is the 20-day moving average crossing at 188.02. Second support is the reaction low crossing at 178.74. 

August unleaded gas closed slightly higher on Friday as it extends this week's trading range. The high-range close sets the stage for a steady to higher 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 August resumes the rally off June's low, the reaction high crossing at 200.99 is the next upside target. Closes below the 20-day moving average crossing at 179.68 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 196.53. Second resistance is the reaction high crossing at 200.99. First support is the 50-day moving average crossing at 185.54. Second support is the 20-day moving average crossing at 179.68.

August Henry natural gas closed sharply higher on Friday as it renewed the rally off June's low.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If August extends today's rally, the 50-day moving average crossing at 2.483 is the next upside target. If August resumes this spring's decline, monthly support crossing at 2.029 is the next downside target. First resistance is the 50-day moving average crossing at 2.483. Second resistance is the reaction high crossing at 2.653. First support is June's low crossing at 2.134. Second support is monthly support crossing at 2.029.        

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The September Dollar closed sharply higher on Friday and above the 50-day moving average crossing at 96.67 as it extends the rally off June's low. The high-range close sets the stage for a steady to higher 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 September extends the rally off June's low June's high crossing at 97.26 is the next upside target. Closes below the 10-day moving average crossing at 96.06 would signal that a short-term top has been posted. First resistance is June's high crossing at crossing at 97.26. Second resistance is May's high crossing at 97.72. First support is the 10-day moving average crossing at 96.06. Second support is June's lowcrossing at 95.36.

The September Euro closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 113.33 confirms that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the 10-day moving average crossing at 114.03 would confirm that a short-term low has been posted. First resistance is June's high crossing at 114.86. Second resistance is March's high crossing at 116.21. First support June's low crossing at 112.62. Second support is May's low crossing at 112.12.       

The September British Pound closed lower on Friday and spiked to a new low for the year. 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 bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the October-2016 low crossing at 1.2439 is the next downside target. Closes above the 20-day moving average crossing at 1.2704 would signal that a short-term low has been posted. First resistance is June's high crossing at 1.2830. Second resistance is the 50-day moving average crossing at 1.2831. First support is today's low crossing at 1.2523. Second support is the October-2016 low crossing at 1.2439.   

The September Swiss Franc closed lower on Friday as it extended the decline off June'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 50-day moving average crossing at 1.0095 is the next downside target. Closes above the 10-day moving average crossing at 1.0270 would confirm that a short-term low has been posted. First resistance is June's high crossing at 1.0392. Second resistance is January's high crossing at 1.0505. First support is today's low crossing at 1.0133. Second support is the 50-day moving average crossing at 1.0095. 

The September Canadian Dollar closed lower on Friday. The high-range close sets the stage for a steady to higher 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 September extends the rally off June's low, January's high crossing at 76.85 is the next upside target. Closes below the 20-day moving average crossing at 75.78 would confirm that a short-term top has been posted. First resistance is today's high crossing at 76.81. Second resistance is January's high crossing at 76.85. First support is the 10-day moving average crossing at 76.31. Second support is the 20-day moving average crossing at 75.78.  

The September Japanese Yen 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 when Monday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 50-day moving average crossing at 0.0923 is the next downside target. If September renews the rally off April's low, the December-2018 high crossing at 0.0948 is the next upside target. First resistance is the 87% retracement level of the November-January-rally crossing at 0.0942. Second resistance is the December-2018 high crossing at 0.0948. First support is today's low crossing at 0.0925. Second support is the 50-day moving average crossing at 0.0923.  

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

August gold closed lower on Friday due to a stronger U.S. Dollar. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1380.40 would confirm that a short-term low has been posted. If August resumes the rally off May's low, the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50 is the next upside target. First resistance is June's high crossing at 1442.90. Second resistance is the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50. First support is Monday's low crossing at 1384.70. Second support is the 20-day moving average crossing at 1380.40.

September silver closed sharply lower on Friday. The low-range close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 14.937 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September renews the rally off May's low, March's high crossing at 15.835 is the next upside target. First resistance is June's high crossing at 15.625. Second resistance is March's high crossing at 15.835. First support is the 50-day moving average crossing at 14.938. Second support is the reaction low crossing at 14.700.          

September copper closed lower on Friday.The mid-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 bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, June's low crossing at 259.95 is the next downside target. Closes above Monday's high crossing at 275.70 would open the door for additional strength near-term. First resistance is Monday's high crossing at 275.70. Second resistance is the reaction high crossing at 285.35.First support is the reaction low crossing at 261.65. Second support is June's low crossing at 259.95. 

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

December Corn closed up 1-cent at 4.42 1/4. 

December corn closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.48 would confirm that a short-term low has been posted. If December renews the decline off last-Friday's high, the May 28^th gap crossing at 4.20 is the next downside target. First resistance is June's high crossing at 4.73. Second resistance is monthly resistance crossing at 5.15. First support is the 50-day moving average crossing at 4.21. Second support is the May 28^th gap crossing at 4.20.     

December wheat closed up 2-cents at 5.27 1/4. 

December wheat closed higher on Friday. The high-range close sets the stage for a steady to higher 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 near-term. If December extends this week's decline, the 50-day moving average crossing at 5.07 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.39 would confirm that a short-term low has been posted. First resistance is the 62% retracement level of the 2018-2019-decline crossing at 5.42 1/2. Second resistance is the 75% retracement level of the 2018-2019-decline crossing at 5.69. First support is the 50-day moving average crossing at 5.07 1/4. Second support is the reaction low crossing at 4.88 1/4.     

December Kansas City Wheat closed up 1-cent at 4.66 1/2.

December Kansas City wheat closed higher due to short covering on Friday as it consolidates some of the decline off last-week's high. The high-range close sets the stage for a steady to higher opening when Monday 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 December extends the decline off June's high, the reaction low crossing at 4.54 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.90 would confirm that a short-term low has been posted. First resistance is June's high crossing at 5.27 1/4. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 5.36. First support is Wednesday's low crossing at 4.53 3/4. Second support is May's low crossing at 4.14.  

December Minneapolis wheat closed down 6-cents at 5.48 1/4. 

December Minneapolis wheat closed lower on Friday as it extends the decline off June's high. The low-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 December extends this week's decline, May's low crossing at 5.29 1/2 is the next downside target. Closes above the 20-day moving average crossing at 5.70 are needed to confirm that a short-term low has been posted. First resistance is June's high crossing at 5.93. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 6.00 3/4. First support is today's low crossing at 5.46. Second support is May's low crossing at 5.29 1/2.    

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

November soybeans closed down 15 1/4-cents at 8.93 1/2.

November soybeans closed sharply lower on Friday as it extends the decline off June'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off June's high, the 50-day moving average crossing at 8.87 1/4 is the next downside target. Closes above the 20-day moving average crossing at 9.14 1/2 would confirm that a short-term low has been posted. First resistance is June's high crossing at 9.48. Second resistance is March's high crossing at 9.57 1/2. First support is today's low crossing at 8.93. Second support is the 50-day moving average crossing at 8.87 1/4.  

December soybean meal closed down $2.80 at 312.30. 

December soybean meal closed lower on Friday as it extends the decline off June'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, the May 28^th gap crossing at 309.00 is the next downside target. Closes above Monday's high crossing at 326.00 would temper the near-term bearish outlook. First resistance is June's high crossing at 336.00. Second resistance is the June 2018 high crossing at 346.10. First support is the May 28^th gap crossing at 309.00. Second support is the reaction low crossing at 301.40.    

December soybean oil closed down 68-pts. at 27.98. 

December soybean oil 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 28.24 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the rally off May's low, the 50% retracement level of the February-May-decline crossing at 28.91 is the next upside target. First resistance is June's high crossing at 29.32. Second resistance is the 50% retracement level of the February-May-decline crossing at 29.50. First support is the reaction low crossing at crossing at 27.60. Second support is May's low crossing at 26.96.     

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

August hogs closed down $1.32 at $77.05. 

August 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August resumes the decline off March's high, the July-2018 low crossing at 69.90 is the next downside target. Closes above the 20-day moving average crossing at 79.72 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 79.72. Second resistance is the 50-day moving average crossing at 86.87. First support is June's low crossing at 73.95. Second support is the July-2018 low crossing at 69.90. 

August cattle closed up $1.55 at 107.00. 

August cattle gapped up and closed higher on Friday. The mid-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. Today's close above the 50-day moving average crossing at 106.68 confirms that a short-term low has been posted. If August resumes the decline off March's high, weekly support crossing at 100.40 is the next downside target. First resistance is the May 17^th reaction high crossing at 109.78. Second resistance is the April 18th high crossing at 119.95. First support is June's low crossing at 101.97. Second support is weekly support crossing at 100.40.

August Feeder cattle closed up $2.25 at $138.83. 

August Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week's rally, the 50-day moving average crossing at 140.81 is the next upside target. If August renews the decline off March's high, weekly support crossing at 128.57 is the next downside target. First resistance is the 50-day moving average crossing at crossing at 140.81. Second resistance is the reaction high crossing at 146.05. First support is June's low crossing at 130.95. Second support is weekly support crossing at 128.57.  

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

September coffee closed lower on Friday as it consolidates some of the rally off May's low. 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 September extends the rally off May's low, October 2018 high crossing at 13.63 is the next upside target. Closes below the 20-day moving average crossing at 10.38 would confirm that a short-term top has been posted. 

September cocoa closed higher on Friday. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. If September resumes the rally off April's low, the July-2018 high crossing at 25.81 is the next upside target. If September extends the decline off June's high, the 50-day moving average crossing at 24.15 is the next downside target.               

October sugar closed lower on Friday. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October resumes the decline off June's high, the reaction low crossing at 12.04 is the next downside target. If October renews the rally off May's low, April's high crossing at 13.33 is the next upside target. 

December cotton closed lower on Friday as it extends the May-June trading range. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways trading is possible near-term. Closes above the reaction high crossing at 68.60 would confirm an upside breakout of the aforementioned trading range. Closes below the reaction low crossing at 64.70 would confirm a downside breakout of the aforementioned trading range.