KEY EVENTS TO WATCH FOR:

Monday, July 29, 2019  

9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting

10:30 AM ET. July Texas Manufacturing Outlook Survey

                       Business Activity (previous -12.1)

                       Mfg Production Idx (previous 8.9)

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

The September NASDAQ 100 closed higher on Friday 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 diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Multiple closes below last-Friday's low crossing at 7815.25 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Wednesday's high crossing at 8051.75. Second resistance is unknown. First support is last-Friday's low crossing at 7815.25. Second support is the reaction low crossing at 7743.00. 

The September S&P 500 closed higher on Friday and posted a new contract high 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 into uncharted territory, upside targets will be hard to project. Closes below last-Friday's crossing at 2972.80 would confirm that a short-term top has been posted has been posted while opening the door for additional weakness near-term. First resistance is Thursday's high crossing at 3027.20. Second resistance is unknown. First support is last-Friday's low crossing at 2972.80. Second support is the 50-day moving average crossing at 2920.05.  

The Dow posted a quiet inside day with a higher close on Friday as it extended a two-week old trading range. Stocks rose on good corporate earnings and the government's approval of the merger between T-Mobile and Sprint, and better-than-expected economic growth. 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 27,061.95 would confirm that a short-term top has been posted. If the Dow resumes the rally above trading range resistance crossing at 27,398.68 into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 27,398.68. Second resistance is unknown. First support is the 20-day moving average crossing at 27,061.95. Second support is the reaction low crossing at 26,665.57.

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September T-bonds closed up 6/32's at 154-16.

September T-bonds posted an inside day with a slightly higher close on Friday. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways prices are possible near-term. If September renews the rally off July's low, July's high crossing at 157-02 is the next upside target. If September resumes the decline off July's high, July's low crossing at 152-28 is the next downside target. First resistance is Thursday's high crossing at 155-18. Second resistance is July's high crossing at 157-02. First support is July's low crossing at 152-28. Second support is the 38% retracement level of the March-July-rally crossing at 152-01.          

September T-notes closed up 5-pts. at 127.090.

September T-notes closed slightly 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 neutral signaling that sideways trading is possible near-term. If September resumes the decline off July's high, July's low crossing at 126.230 is the next downside target. If September renews the rally off last-Tuesday's low, July's high crossing at 128.140 is the next upside target. First resistance is July's high crossing at 128.140. Second resistance is weekly resistance crossing at 130.010. First support is July's low crossing at 126.230. 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 ""

September crude oil closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off July's high, the reaction low crossing at 51.85 is the next downside target. Closes above the 20-day moving average crossing at 57.67 would confirm that a short-term low has been posted. First resistance is July's high crossing at 61.02. Second resistance is the reaction high crossing at 64.02. First support is last-Thursday's low crossing at 54.85. Second support is the reaction low crossing at 51.85.  

September heating oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that a low might in or is near. Closes above Wednesday's high crossing at 195.51 would temper the near-term bearish outlook. If September resumes the decline off July's high, the reaction low crossing at 179.49 is the next downside target. First resistance is July's high crossing at  202.40. Second resistance is the May 16th high crossing at 214.41. First support is last-Thursday's low crossing at 185.96. Second support is the reaction low crossing at 179.49. 

September unleaded gas closed slightly lower on Friday as it consolidates above the 50% retracement level of the June-July-rally crossing at 178.81. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 185.22 would confirm that a short-term low has been posted. If September resumes the decline off July's high, the 62% retracement level of the June-July-rally crossing at 178.48 is the next downside target. First resistance is July's high crossing at 197.13. Second resistance is April's high crossing at 199.81. First support is the 50% retracement level of the June-July-rally crossing at 178.81. Second support is the 62% retracement level of the June-July-rally crossing at 174.48.

September Henry natural gas closed lower on Friday as it extends the decline off July'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 September extends the aforementioned decline, June's low crossing at 2.115 is the next downside target. Closes above the 50-day moving average crossing at 2.372 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.302. Second resistance is the 50-day moving average crossing near 2.372. First support is today's low crossing at 2.147. Second support is June's low crossing at 2.115.        

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

The September Dollar closed higher on Friday and posted a new contract high as it extended 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 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, weekly resistance on the continuation chart crossing at 98.26 is the next upside target. Closes below the 20-day moving average crossing at 96.84 would confirm that a short-term top has been posted. First resistance is today's high crossing at crossing at 97.84. Second resistance is weekly resistance on the continuation chart crossing at 98.26. First support is the 10-day moving average crossing at 97.07. Second support is the 20-day moving average crossing at 96.84.

The September Euro 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If September extends the decline off June's high, the January-2017 low crossing at 110.91 is the next downside target. Closes above the 20-day moving average crossing at 112.87 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 112.87. Second resistance is June's high crossing at 114.86. First support is Thursday's low crossing at 111.46. Second support is the January-2017 low crossing at 110.91.       

The September British Pound closed lower on Friday as it extends this year's decline. 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 above the 20-day moving average crossing at 1.2549 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 1.2549. Second resistance is the 50-day moving average crossing at 1.2662. First support is today's low crossing at 1.2405. Second support is monthly support crossing at 1.2001.  

The September Swiss Franc closed lower on Friday and below the previous reaction low crossing at 1.0112. 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 September extends the decline off June's high, June's low crossing at 1.0066 is the next downside target. Closes above Monday's high crossing at 1.0251 would confirm that a low has been posted. First resistance is Monday's high crossing at 1.0251. Second resistance is June's high crossing at 1.0392. First support is June's low crossing at 1.0066. Second support is the May 30^th reaction low crossing at 1.0006.

The September Canadian Dollar 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the reaction low crossing at 75.72 is the next downside target. Closes above the 20-day moving average crossing at 76.46 would confirm that a short-term low has been posted. First resistance is July's high crossing at 76.81. Second resistance is weekly resistance crossing at 77.95. First support is the reaction low crossing at 75.72. Second support is the 50-day moving average crossing at 75.58.  

The September Japanese Yen closed lower on Friday as it extends the decline off July's high. 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 the decline off June's high, the May 30th low crossing at 0.0917 is the next downside target. Closes above the 10-day moving average crossing at 0.0929 would temper the near-term bearish outlook. First resistance is July's high crossing at 0.0937. Second resistance is June's high crossing at 0.0942. First support is July's low crossing at 0.0922. Second support is the reaction low crossing at 0.0917.  

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

October gold posted an inside day with a higher close on Friday leaving yesterday's key reversal down unconfirmed. 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. Multiple closes below the 20-day moving average crossing at 1421.80 would temper the near-term friendly outlook. Closes below July's low crossing at 1390.90 would confirm that a short-term top has been posted. If October extends 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 last-Friday's high crossing at 1460.30. Second resistance is the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50. First support is last-Wednesday's low crossing at 1407.80. Second support is July's low crossing at 1390.90.

September silver closed lower on Friday as it consolidates some of the rally off May's low. 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 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, the 62% retracement level of 2018's decline crossing at 16.858 is the next upside target. Closes below the 20-day moving average crossing at 15.698 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 16.685. Second resistance is the 62% retracement level of 2018's decline crossing at 16.858. First support is the 10-day moving average crossing at 16.188. Second support is the 20-day moving average crossing at 15.698.          

September copper 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 neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 268.74 would confirm that a short-term top has been posted. If September renews the rally off July's low, the 62% retracement level of the April-June-decline crossing at 285.20 is the next upside target. First resistance is last-Friday's high crossing at 280.30. Second resistance is the 62% retracement level of the April-June-decline crossing at 285.20. 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 3 1/4-cents at 4.24 1/4. 

December corn closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night sessions 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 Monday's high, July's low crossing at 4.20 1/2 is the next downside target. Closes above the 50-day moving average crossing at 4.37 3/4 would temper the near-term bearish outlook. First resistance is July's high crossing at 4.64 3/4. Second resistance is June's high crossing at 4.73. 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 3 1/4-cents at 5.04. 

December wheat 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.17 would confirm that a short-term low has been posted. If December resumes the decline off June's high, the reaction low crossing at 4.88 1/4 is the next downside target. First resistance is July's high crossing at 5.43. Second resistance is the 62% retracement level of the 2018-2019-decline crossing at 5.60 3/4. First support is Tuesday's low crossing at 4.95. Second support is the reaction low crossing at 4.88 1/4.     

December Kansas City Wheat closed down 4 3/4-cents at 4.50 1/4.

December Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower 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, May's low crossing at 4.14 is the next downside target. Multiple closes above the 50-day moving average crossing at 4.78 3/4 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 Tuesday's low crossing at 4.45 1/2. Second support is May's low crossing at 4.14.  

December Minneapolis wheat closed up a 1/4-cent at 5.36 3/4. 

December Minneapolis wheat closed fractionally higher 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 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 5.29 1/2 is the next downside target. Closes above the 20-day moving average crossing at 5.45 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.45 1/2. Second resistance is the 50-day moving average crossing at 5.61 1/4. First support is Wednesday's low crossing at 5.34 1/2. 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 a 1/2-cent at 8.99 1/4.

November soybeans closed fractionally 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. Closes below last-Thursday's low crossing at 8.93 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 last-Monday's high crossing at 9.36 1/2. Second resistance is June's high crossing at 9.48. First support is July'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 $0.10 at 309.10. 

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 21^st reaction low crossing at 301.40 is the next downside target. Closes above last-Monday's high crossing at 323.80 would confirm that a short-term low has been posted. First resistance is last-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 May 21^st reaction low crossing at 301.40.    

December soybean oil closed up 22 pts at 29.01. 

December soybean oil 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 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. Closes below the 50-day moving average crossing at 28.40 would temper the near-term friendly outlook. 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 down $0.48 at $86.43. 

August hogs closed higher 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. If August extends the rally off June's low, the 50% retracement level of the March-June-decline crossing at 88.42 is the next upside target. Closes below the 20-day moving average crossing at 81.10 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the March-June-decline crossing at 88.42. 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 unchanged at 108.65. 

August cattle closed unchanged on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 109.93 is the next upside target. Closes below the 50-day moving average crossing at 106.27 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the March-July-decline crossing at 109.23. Second resistance is the 50% retracement level of the March-July-decline crossing at 111.915. First support is the 50-day moving average crossing at 106.27. Second support is June's low crossing at 101.97. 

August Feeder cattle closed up $0.93 at $143.73. 

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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 50% retracement level of the April-June-decline crossing at 146.14 is the next upside target. Closes below the 50-day moving average crossing at 139.25 would confirm that a short-term top has been posted. First resistance is July's high crossing at 143.30. Second resistance is the 50% retracement level of the April-June-decline crossing at 146.14. First support is the 50-day moving average crossing at 139.25. Second support is the reaction low crossing at 136.03.    

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

September coffee closed lower on Friday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Monday. 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 July's high, June's low crossing at 9.68 is the next downside target. Closes above the 20-day moving average crossing at 10.68 would confirm that a short-term low has been posted. 

September cocoa closed sharply lower on Friday as it renewed the decline off July's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If September resumes the extends off July's high, June's low crossing at 23.21 is the next downside target. Closes above the 20-day moving average crossing at 24.72 would confirm that a short-term low has been posted. 

October sugar posted an inside day with a slightly higher close on Friday. The mid-range close set the stage for a steady opening on Monday. 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 12.15 would confirm that a low has been posted while opening the door for additional short-term gains near-term. If October resumes the decline off June's high, last September's low crossing at 11.45 is the next downside target. 

December cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 65.72 would would open the door for a possible test of July's high crossing at 68.35 is the next upside target. If December renews this month's decline, monthly support crossing at 59.85 is the next downside target.