KEY EVENTS TO WATCH FOR:

Friday, July 19, 2019 

10:00 AM ET. July University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 97.9)

                       Mid-Mo Expectations (previous 88.6)

                       Mid-Mo Current Idx (previous 112.5)

10:00 AM ET. June Regional & State Employment & Unemployment

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

The September NASDAQ 100 closed higher on Thursday as it consolidated some of the sell off from Tuesday's high.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 7824.10 would confirm that a short-term top has been posted. If September resumes this month's rally into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 8001.50. Second resistance is unknown. First support is the 20-day moving average crossing at 7824.10. Second support is the reaction low crossing at 7743.00. 

The September S&P 500 closed higher on Thursday as it consolidated some of this week'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2975.67 are needed to confirm that a short-term top has been posted. If September resumes the rally off June's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 3022.60. Second resistance is unknown. First support is the 20-day moving average crossing at 2975.67. Second support is the reaction low crossing at 2916.00.  

The Dow closed lower 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 overbought but remain neutral to bullish signaling 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 26,888.44 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 27,398.68. Second resistance is unknown. First support is the 10-day moving average crossing at 27,088.73. Second support is the 20-day moving average crossing at 26,888.44.

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

September T-bonds closed up 14/32's at 155-06.

September T-bonds closed higher on Thursday as it extends the rally off last-Friday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 155-00 would confirm that a short-term low has been posted. If September resumes the decline off July's high, the 50-day moving average crossing at 152-31 is the next downside target. First resistance is the 20-day moving average crossing at 155-00. Second resistance is July's high crossing at 157-02. First support is the 50-day moving average crossing at 152.31. Second support is the 38% retracement level of the March-July-rally crossing at 152-01.         

September T-notes closed up 120-pts. at 127.235.

September T-notes closed higher on Thursday and above the 20-day moving average crossing at 127.188 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Tuesday's low, July's high crossing at 128.140 is the next upside target. If September resumes the decline off July's high, the 50-day moving average crossing at 126.191 is the next downside target. First resistance is July's high crossing at 128.140. Second resistance is weekly resistance crossing at 130.010. First support is the 50-day moving average crossing at 126.191. Second support is the 38% retracement level of the March-July-rally crossing at 125.167.       

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

August crude oil lower on Thursday as it extended the decline off Monday's high. Today's close below the previous reaction low crossing at 56.04 confirms that the short-term trend has turned bearish. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are  neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the reaction low crossing at 51.72 is the next downside target. Closes above the 10-day moving average crossing at 58.33 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 60.94. Second resistance is the reaction high crossing at 64.03.First support is today's low crossing at 54.72. Second support is the reaction low crossing at 51.72.  

August heating oil closed lower on Thursday and below the previous reaction low crossing at 186.94. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off last-Thursday's high, the reaction low crossing at 178.74 is the next downside target. Closes above the 50-day moving average crossing at 193.34 would temper the near-term bearish outlook. First resistance is the May 28th high crossing at 202.50. Second resistance is May's high crossing at 213.98 is the next upside target. First support is today's low crossing at 185.26. Second support is the reaction low crossing at 178.74. 

August unleaded gas closed lower on Thursday and below the 50-day moving average crossing at 184.87. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the 62% retracement level of the June-July-rally crossing at 178.84 is the next downside target. Closes above the 10-day moving average crossing at 192.64 would confirm that a short-term low has been posted. First resistance is July's high crossing at 203.78. Second resistance is the 75% retracement level of 2018's decline crossing at 207.30. First support is the 62% retracement level of the June-July-rally crossing at 178.84. Second support is the 75% retracement level of the June-July-rally crossing at 173.47.

August Henry natural gas closed lower on Thursday and below the 20-day moving average crossing at 2.324 confirming that a short-term top has been posted. 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. If August extends this week's decline, the reaction low crossing at 2.217 is the next downside target. Closes above the 50-day moving average crossing at 2.439 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2.439. Second resistance is the March-May-downtrend crossing near 2.500. First support is the reaction 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 sharply 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 96.36 would confirm that a short-term top has been posted. If September extends the rally off June's low, June's high crossing at 97.26 is the next upside target. 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 20-day moving average crossing at 96.36. Second support is June's low crossing at 95.36.

The September Euro closed higher 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 remain neutral to bearish signaling that sideways to lower prices are possible. 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 113.53 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 113.53. Second resistance is June's high crossing at 114.86. First support is Wednesday's low crossing at 112.54. Second support is May's low crossing at 112.12.       

The September British Pound closed higher 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 are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.2628 would confirm that a short-term low has been posted. If September extends the decline off June's high, monthly support crossing at 1.2001 is the next downside target. First resistance is the 20-day moving average crossing at 1.2628. Second resistance is the 50-day moving average crossing at 1.2727. First support is Wednesday's low crossing at 1.2417. Second support ismonthly support crossing at 1.2001.  

The September Swiss Franc closed higher 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off July's low, June's high crossing at 1.0392 is the next upside target. If September resumes the decline off June's high, the reaction low crossing at 1.0066 is the next downside target. First resistance is June's high crossing at 1.0392. Second resistance is January's high crossing at 1.0505. First support is the 50-day moving average crossing at 1.0137. Second support is the reaction low crossing at 1.0066.

The September Canadian Dollar closed slightly higher 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 76.42 would confirm that a short-term top has been posted. If September resumes the rally off June's low, weekly resistance crossing at 77.95 is the next upside target. First resistance is last-Friday's high crossing at 76.81. Second resistance is weekly resistance crossing at 77.95. First support is the 20-day moving average crossing at 76.42. Second support is the reaction low crossing at 75.72.  

The September Japanese Yen closed higher on Thursday as it extends the rally off July'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 0.0931 confirms that a short-term low has been posted. If September renews the decline off June's high, the reaction low crossing at 0.0917 is the next downside target. First resistance is today's 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 higher on Thursday as it extends the trading range of the past three-weeks. Today's rally was underpinned by a weaker U.S. Dollar. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below July's low crossing at 1384.70 would confirm that a short-term top has been posted. 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 Wednesday's low crossing at 1401.30. Second support is July's low crossing at 1384.70.

September silver closed higher for the fifth day in a row on Thursday as it extends the rally off May's low. 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 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, February's high crossing at 16.470 is the next upside target. Closes below the 20-day moving average crossing at 15.393 would confirm that a short-term top has been posted. First resistance is today's high crossing at 16.330. Second resistance is February's high crossing at 16.470. First support is the 20-day moving average crossing at 15.393. Second support is the 50-day moving average crossing at 15.023.          

September copper closed higher 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 neutral to bullish signaling sideways to higher prices are possible near-term. Closes above July's high crossing at 275.70 would open the door for additional strength near-term. If September renews the decline off July's high, June's low crossing at 259.95 is the next downside target. First resistance is July'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 11 1/4-cents at 4.30 1/4. 

December corn closed sharply lower on Thursday and below the 50-day moving average crossing at 4.31 3/4 thereby opening the door for a test of the May 28^th gap crossing at 4.20. The low-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the rally off July's low, June's high crossing at 4.73 is the next upside target. First resistance is June's high crossing at 4.73. Second resistance is monthly resistance crossing at 5.15. First support is July's low crossing at 4.20 1/2. Second support is the May 28^th gap crossing at 4.20.     

December wheat closed down 12-cents at 5.05 1/4. 

December wheat closed lower on Thursday as it renewed the decline off June's high. 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 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 5.03 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.30 1/2 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 reaction low crossing at 5.03 3/4. Second support is the reaction low crossing at 4.88 1/4.     

December Kansas City Wheat closed down 9-cents at 4.53 1/4.

December Kansas City wheat closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Friday 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 renews the decline off June's high, May's low crossing at 4.14 is the next downside target. Multiple closes above the 20-day moving average crossing at 4.76 1/4 would confirm that a short-term low has been posted. First resistance is July's high crossing at 4.91 1/2. Second resistance is June's high crossing at 5.27 1/4. First support is last-Tuesday's low crossing at 4.52 1/2. Second support is May's low crossing at 4.14.  

December Minneapolis wheat closed down 3-cents at 5.37 3/4. 

December Minneapolis wheat 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 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 50-day moving average crossing at 5.61 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 5.61 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 unchanged at 9.00 1/2.

November soybeans closed unchanged 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 8.94 1/4 would confirm that a short-term top has been posted. If November renews the rally off July's low, June's high crossing at 9.48 is the next upside target. First resistance is Monday's high crossing at 9.36 1/2. Second resistance is June's high crossing at 9.48. First support is last-Tuesday's low crossing at 8.90 1/4. Second support is the reaction low crossing at 8.75 1/4.  

December soybean meal closed down $0.60 at 313.00. 

December soybean meal closed lower on Thursday. The mid-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. 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 323.80 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 323.80. 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 3 pts at 28.08. 

December soybean oil closed lower on Thursday. The mid-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. If December extends the decline off June's high, June's low crossing at 27.60 is the next downside target. 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 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 $0.78 at $82.78. 

August hogs closed higher 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, the 50-day moving average crossing at 84.19 is the next upside target. Closes below last-Tuesday's low crossing at 75.50 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 84.19. Second resistance is the reaction crossing at 95.52. First support the reaction low crossing at 75.50. Second support is June's low crossing at 73.95.  

August cattle closed down $0.73 at 107.40. 

August cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 105.90 would confirm that a short-term top has been posted. If August extends the rally off June's low, the reaction high crossing at 109.93 is the next upside target. 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 down $1.15 at $139.42. 

August Feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 138.09 would confirm that a short-term top has been posted. If August resumes the rally off June's low, the reaction high crossing at 148.10 is the next upside target. First resistance is last-Tuesday's high crossing at 143.30. Second resistance is the reaction high crossing at 148.10. First support is the 20-day moving average crossing at 138.09. Second support is the reaction low crossing at 136.03.    

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

September coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 50-day moving average crossing at 10.17 is the next downside target. If September renews the rally off May's low, October 2018 high crossing at 13.63 is the next upside target. 

September cocoa closed higher on Thursday as it consolidates some of this month's decline. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If September extends this month's decline, June's low crossing at 23.21 is the next downside target. Closes above the 10-day moving average crossing at 24.81 would confirm that a short-term low has been posted.               

October sugar closed lower for the sixth day in a row on Thursday as it extends this year's decline. The low-range close set 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 October extends the decline off June's high, last September's low crossing at 11.45 is the next downside target. Closes above the 20-day moving average crossing at 12.36 would confirm that a low has been posted. 

December 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, monthly support crossing at 59.85 is the next downside target. Closes above the 20-day moving average crossing at 64.96 would confirm that a low has been posted.