KEY EVENTS TO WATCH FOR:

Wednesday, July 10, 2019 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 518.1)

                       Composite Idx, W/W% (previous -0.1%)

                       Purchase Idx-SA (previous 269.3)

                       Purchase Idx-SA, W/W% (previous +1.1%)

                       Refinance Idx (previous 1925.6)

                       Refinance Idx, W/W% (previous -1.2%)

10:00 AM ET. June Online Help Wanted Index

10:00 AM ET. May Monthly Wholesale Trade

                       Inventories, M/M% (expected +0.4%; previous +0.8%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 468.491M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -1.085M)

                       Gasoline Stocks (Bbl) (previous 230.642M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.583M)

                       Distillate Stocks (Bbl) (previous 126.788M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.408M)

                       Refinery Usage (previous 94.2%)

                       Total Prod Supplied (Bbl/day) (previous 20.77M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.106M)

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast

Thursday, July 11, 2019

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

                       Jobless Claims (expected 226K; previous 221K)

                       Jobless Claims, Net Chg (previous -8K)

                       Continuing Claims (previous 1686000)

                       Continuing Claims, Net Chg (previous -8K)

8:30 AM ET. June Real Earnings

8:30 AM ET. June CPI

                       CPI, M/M% (expected +0.0%; previous +0.1%)

                       Core CPI, M/M% (expected +0.2%; previous +0.1%)

                       Energy Idx, M/M% (previous -0.6%)

                       Food Idx, M/M% (previous +0.3%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)

                       CPI, Y/Y% (expected +1.6%; previous +1.8%)

                       Core Annual, Y/Y% (expected +2.0%; previous +2.0%)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 331.9K)

                       Soybeans (Metric Tons) (previous 1029.1K)

                       Wheat (Metric Tons) (previous 276.6K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 2390B)

                       Working Gas In Storage, Net Chg  (Cbf)(previous +89B)

12:00 AM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

12:00 PM ET. June Monthly U.S. Retail Chain Store Sales Index

2:00 PM ET. June Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Money Stock Measures

Friday, July 12, 2019  

8:30 AM ET. June PPI

                       PPI, M/M% (expected +0.1%; previous +0.1%)

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.2%)

                       Personal Consumption (previous +0.2%)

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

The September NASDAQ 100 posted an upside reversal and 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7718.54 would confirm that a short-term top has been posted. Closes above April's high crossing at 7910.75 would open the door into uncharted territory. First resistance is April's high crossing at 7910.75. Second resistance is unknown. First support is the 20-day moving average crossing at 7718.54. Second support is the 50-day moving average crossing at 7580.00. 

The September S&P 500 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2946.07 are needed to confirm that a short-term top has been posted. If September extends the rally off June's low into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 3004.00. Second resistance is unknown. First support is the 20-day moving average crossing at 2946.07. Second support is the 50-day moving average crossing at 2894.63.  

The Dow closed lower on Tuesday suffering its third straight loss, a day ahead of congressional testimony by Federal Reserve Chairman Jerome Powell. 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 and are poised to signal a downturn with additional weakness. Closes below the 20-day moving average crossing at 26,536.25 would confirm that a short-term top has been posted. 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. First resistance is last-Wednesday's high crossing at 26,966.00. Second resistance is unknown. First support is the 10-day moving average crossing at 26,719.34. Second support is the 20-day moving average crossing at 26,536.25.

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

September T-bonds closed down 15/32's at 154-30.

September T-bonds closed lower on Tuesday as it extended the decline off last-Friday's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 155-08 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If September renews the rally off March's low, weekly resistance crossing at 158-09 is the next upside target. First resistance is last-Friday's high crossing at 157-02. Second resistance is weekly resistance crossing at 158-09. First support is June's low crossing at 152-27. Second support is the 50-day moving average crossing at 152.06.          

September T-notes closed down 90-pts. At 127.070.

September T-notes 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 when Wednesday'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 reaction low crossing at 126.155 is the next downside target. If September resumes the rally off April's low, weekly resistance crossing at 130.010 is the next upside target. First resistance is last-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 126.067.       

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

August crude oil higher on Tuesday.The mid-range close sets the stage for a steady to higher opening when Wednesday'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 56.44 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 July's high crossing at 60.28. Second resistance is the reaction high crossing at 64.03. First support is the 20-day moving average crossing at 56.44. Second support is June's low crossing at 50.79.  

August heating oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 189.13 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 194.91. 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 189.13. Second support is the reaction low crossing at 178.74. 

August unleaded gas closed higher on Tuesday as it extends the trading range of the past two-weeks. 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 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 182.68 would confirm that a short-term top has been posted. First resistance is the reaction 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 185.10. Second support is the 20-day moving average crossing at 182.68.

August Henry natural gas 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 50-day moving average crossing at 2.467 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 2.467. Second resistance is the reaction high crossing at 2.653. First support is July's low crossing at 2.217. Second support is June's low crossing at 2.134.        

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

The September Dollar closed higher on Tuesday as it extends the rally off June's low. The mid-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 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 96.35 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 96.35. Second support is June's lowcrossing at 95.36.

The September Euro closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 September extends the decline off June's high, May's low crossing at 112.12 is the next downside target. Closes above the 20-day moving average crossing at 113.59 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 112.57. Second support is May's low crossing at 112.12.       

The September British Pound closed lower on Tuesday as it extends this year'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 oversold but remain 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 1.2672 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2672. Second resistance is the 50-day moving average crossing at 1.2805. First support is today's low crossing at 1.2480. Second support is the October-2016 low crossing at 1.2439.   

The September Swiss Franc closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 1.0108 is the next downside target. Closes above the 10-day moving average crossing at 1.0215 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 1.0112. Second support is the 50-day moving average crossing at 1.0108. 

The September Canadian Dollar 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 and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 75.92 would confirm that a short-term top has been posted. If September extends the rally off June's low, January's high crossing at 76.85 is the next upside target. First resistance is last-Friday's high crossing at 76.81. Second resistance is January's high crossing at 76.85. First support is the 20-day moving average crossing at 75.92. Second support is the 50-day moving average crossing at 75.15.  

The September Japanese Yen closed lower on Tuesday as it extends the decline off June's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 0.0925 opens the door for additional weakness near-term. Closes above the 20-day moving average crossing at 0.0931 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 0.0935. Second resistance is the 87% retracement level of the November-January-rally crossing at 0.0942. First support is the reaction low crossing at 0.0917. Second support is the reaction low crossing at 0.0912.  

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

August gold closed slightly higher on Tuesday as it extends the trading range of the past two-weeks. 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 sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1389.90 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 the 20-day moving average crossing at 1389.90. Second support is the 50-day moving average crossing at 1336.20.

September silver closed higher on Tuesday. 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 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 14.937. Second support is the reaction low crossing at 14.700.          

September copper 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last week's decline, June's low crossing at 259.95 is the next downside target. Closes above last-Monday's high crossing at 275.70 would open the door for additional strength near-term. First resistance is last-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 down 7 3/4-cent at 4.36. 

December corn closed lower on Tuesday as it consolidated some of its gains of the past four-days. The low-range close sets the stage for a steady to lower opening when Wednesday's night sessions 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 4.48 1/2 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 4.23 1/2. Second support is the May 28^th gap crossing at 4.20.     

December wheat closed down 7 3/4-cents at 5.15. 

December wheat 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 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 50-day moving average crossing at 5.09 1/2 is the next downside target. Closes above the 20-day moving average crossing at 5.38 3/4 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 5.09 1/2. Second support is the reaction low crossing at 4.88 1/4.     

December Kansas City Wheat closed down 1 1/2-cents at 4.61.

December Kansas City wheat closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday 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, May's low crossing at 4.14 is the next downside target. Closes above the 20-day moving average crossing at 4.87 1/4 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 today's low crossing at 4.52 1/2. Second support is May's low crossing at 4.14.  

December Minneapolis wheat closed down 5 1/2-cents at 5.41. 

December Minneapolis wheat closed lower on Tuesday as it extends the decline off June's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month'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 5.65 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.65 3/4. Second resistance is the reaction high crossing at 5.82. First support is today's low crossing at 5.38 3/4. 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 up 6 1/2-cents at 9.04 1/4.

November soybeans posted a key reversal up and 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 oversold but remain 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 3/4 is the next downside target. Closes above the 20-day moving average crossing at 9.16 would confirm that a short-term low has been posted.First resistance is July's high crossing at 9.34 1/4. Second resistance is June's high crossing at 9.48. First support is today's low crossing at 8.90 1/4. Second support is the 50-day moving average crossing at 8.87 3/4.  

December soybean meal closed up $3.40 at 315.70. 

December soybean meal posted a key reversal up and closed higher on Tuesday as it consolidates some of the decline off June's high. 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 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 last-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 up 2-pts. at 28.50. 

December soybean oil 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 turning neutral to bullish signaling that sideways to higher prices are possible 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. If December extends the decline off June's high, June's low crossing at 27.60 is the next downside 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 June's 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 up $3.00 at $79.07. 

August hogs closed limit up 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 79.07 are needed to confirm that a low has been posted. If August resumes the decline off March's high, the July-2018 low crossing at 69.90 is the next downside target. First resistance is the 20-day moving average crossing at 79.07. Second resistance is the 50-day moving average crossing at 86.15. 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 $1.98 at 108.13. 

August cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 109.93 is the next upside target. Closes below the 20-day moving average crossing at 107.93 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 109.93. 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 $3.98 at $142.88. 

August Feeder cattle closed sharply higher on Tuesday and above the 50-day moving average crossing at 140.32 confirm that a low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 148.10 is the next upside target. Closes below the 20-day moving average crossing at 136.54 would confirm that a short-term top has been posted. First resistance is today's high crossing at 143.30. Second resistance is the reaction high crossing at 148.10. 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 higher on Tuesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 10.44 would confirm that a short-term top has been posted. If September extends the rally off May's low, October 2018 high crossing at 13.63 is the next upside target. 

September cocoa posted an inside day with a lower close on Tuesday as it consolidated some of Monday's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the rally off April's low, the 75% retracement level of 2018's decline crossing at 26.40 is the next upside target. Closes below the 50-day moving average crossing at 24.25 would confirm that a short-term top has been posted.              

October sugar closed lower on Tuesday. The mid-range close set the stage for a steady to higher opening on Wednesday. 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 sharply lower on Tuesday marking a downside breakout of the May-June trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's downside breakout of the May-June trading range, monthly support crossing at 59.85 is the next downside target. Closes above the 20-day moving average crossing at 66.09 would confirm that a low has been posted.