KEY EVENTS TO WATCH FOR:

Wednesday, August 7, 2019  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 484.0)

                       Composite Idx, W/W% (previous -1.4%)

                       Purchase Idx-SA (previous 253.0)

                       Purchase Idx-SA, W/W% (previous -3.0%)

                       Refinance Idx (previous 1791.2)

                       Refinance Idx, W/W% (previous +0.1%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 436.545M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -8.496M)

                       Gasoline Stocks (Bbl) (previous 230.735M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.791M)

                       Distillate Stocks (Bbl) (previous 135.922M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.894M)

                       Refinery Usage (previous 93.0%)

                       Total Prod Supplied (Bbl/day) (previous 21.296M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.287M)

3:00 PM ET. June Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +17.09B)

Thursday, August 8, 2019  

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

                       Jobless Claims (previous 215K)

                       Jobless Claims, Net Chg (previous +8K)

                       Continuing Claims (previous 1699000)

                       Continuing Claims, Net Chg (previous +22K)

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

                       Corn (Metric Tons) (previous 272.7K)

                       Soybeans (Metric Tons) (previous 448.6K)

                       Wheat (Metric Tons) (previous 383.1K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. June Monthly Wholesale Trade

                       Inventories, M/M% (previous +0.4%)

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

                       Working Gas In Storage (Cbf) (previous 2634B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +65B)

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

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, August 9, 2019  

8:30 AM ET. July PPI

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

                       Ex-Food & Energy PPI, M/M% (expected +0.1%; previous +0.3%)

                       Personal Consumption (previous +0.2%)

Monday, August 12, 2019  

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)

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

  N/A               U.S: Victory Day in Rhode Island

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

The STOCK INDEXES:The September NASDAQ 100 was higher overnight as stocks look to extend gains as global central banks ease monetary policy. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 50-day moving average crossing at 7689.81 would temper the near-term bearish outlook. If September extends the decline off July's high, the 87% retracement level of the June-July-rally crossing at 7107.06 is the next downside target. First resistance is the 50-day moving average crossing at 7689.81. Second resistance is the 20-day moving average crossing at 7854.05. First support is the 75% retracement level of the June-July-rally crossing at 7237.04. Second support is the 87% retracement level of the June-July-rally crossing at 7107.06.

The September S&P 500 was higher overnight as it consolidates some of the decline off July's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2933.65 would confirm that a short-term low has been posted. If September extends the decline off July's high, June's low crossing at 2737.00 is the next downside target. First resistance is the 50-day moving average crossing at 2933.65. Second resistance is the 20-day moving average crossing at 2976.37. First support is the 87% retracement level of the June-July-rally crossing at 2774.78. Second support is June's low crossing at 2737.00.

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

INTEREST RATES: September T-bonds were higher overnight as they extend this year's rally. 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 July's low, weekly resistance crossing at 167-06 is the next upside target. Closes below the 50-day moving average crossing at 155-04 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 162-25. Second resistance is weekly resistance crossing at 167-06. First support is the 10-day moving average crossing at 157-19. Second support is the 50-day moving average crossing at 155-04.

September T-notes were higher overnight as it extends this year's rally. 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 July's low, weekly resistance crossing at 131.000 is the next upside target. Closes below the 50-day moving average crossing at 127.180 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 130.130. Second resistance is weekly resistance crossing at 131.000. First support is the 10-day moving average crossing at 128.151. Second support is the 20-day moving average crossing at 127.286. 

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

September crude oil was slightly lower overnight as it extends the decline off July's high.The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 last-Wednesday's high, the June 18^th low crossing at 51.85 is the next downside target. Closes above the 20-day moving average crossing at 56.62 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 58.82. Second resistance is July's high crossing at 61.02. First support is the June 18th low crossing at 51.85. Second support is June's low crossing at 50.91.    

September heating oil was lower overnight as it extends the decline off last-Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day 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, the June 18^th low crossing at 179.49 is the next downside target. Closes above the 20-day moving average crossing at 190.96 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 197.47. Second resistance is July's high crossing at 202.40. First support is the June 18^th low crossing at 179.49. Second support is June's low crossing at 175.62.

September unleaded gas was steady to slightly lower overnight as it extends the decline off last-Wednesday's high. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 87% retracement level of the June-July-rally crossing at 165.23 is the next downside target. Closes above the 20-day moving average crossing at 181.05 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 187.70. Second resistance is July's high crossing at 197.13. First support is the 87% retracement level of the June-July-rally crossing at 165.23. Second support is June's low crossing at 160.62.

September Henry natural gas was higher overnight as it consolidates some of last-week's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 50-day moving average crossing at 2.293 would confirm that a short-term low has been posted. If September renews the decline off July's high, monthly support crossing at 1.909 is the next downside target. First resistance is the 50-day moving average crossing at 2.293. Second resistance is July's high crossing at 2.476. First support is Monday's low crossing at 2.029. Second support is monthly support crossing at 1.909.

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

CURRENCIES:The September Dollar was steady to slightly higher overnight as it consolidates some of the decline off last-Thursday's high. 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 97.30 would confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 97.75 would temper the near-term bearish outlook. First resistance is last-Thursday's high crossing at 98.70. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 97.30. Second support is the 50-day moving average crossing at 96.79.

The September Euro was slightly lower overnight as it consolidates some of the rally off August's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 113.01 would open the door for additional short covering gains. If September resumes the decline off June's high, monthly support crossing at 109.21 is the next downside target. First resistance is the 50-day moving average crossing at 113.01. Second resistance is the reaction high crossing at 113.44. First support is last-Thursday's low crossing at 110.65. Second support is monthly support crossing at 109.21.    

The September British Pound was slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings 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, monthly support crossing at 1.2001 is the next downside target. Multiple closes above the 20-day moving average crossing at 1.2380 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2236. Second resistance is the 20-day moving average crossing at 1.2380 is the next upside target. First support is last-Thursday's low crossing at 1.2104. Second support is monthly support crossing at 1.2001.  

The September Swiss Franc was lower overnight as it consolidates some of the rally off last-Thursday's low. Stochastics and the RSI are becoming overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 1.0183 are needed to confirm that a short-term top has been posted. If September extends the rally off last-Thursday's low, June's high crossing at 1.0392 is the next upside target. First resistance is Tuesday's high crossing at 1.0343. Second resistance is June's high crossing at 1.0392. First support is the 10-day moving average crossing at 1.0183. Second support is last-Thursday's crossing at 1.0064. 

The September Canadian Dollar was lower overnight as it extends the decline off July's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 62% retracement level of the May-June-rally crossing at 75.07 is the next downside target. Closes above the 20-day moving average crossing at 76.18 are needed to confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 76.18. Second resistance is July's high crossing at 76.91. First support is the 62% retracement level of the May-June-rally crossing at 75.07. Second support is the 75% retracement level of the May-June-rally crossing at 74.68.

The September Japanese Yen was higher in overnight 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 last-Thursday's low, the 62% retracement level of the 2018-2019-decline crossing at 0.0960 is the next upside target. Closes below the 20-day moving average crossing at 0.0931 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2018-2019-decline crossing at 0.0948. Second resistance is the 62% retracement level of the 2018-2019-decline crossing at 0.0960. First support is the 20-day moving average crossing at 0.0931. Second support is last-Thursday's low crossing at 0.0918.

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

PRECIOUS METALS: October gold was higher overnight as it extends the rally off Thursday's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off May's low, the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20 is the next upside target. Closes below the 20-day moving average crossing at 1438.10 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 1499.00. Second resistance is the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20. First support is the 20-day moving average crossing at 1438.10. Second support is the 50-day moving average crossing at 1399.70.

September silver was sharply higher overnight as it renewed the rally off May's low. Stochastics and the RSI are diverging but turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 75% retracement level of the 2018 decline crossing at 17.416 is the next upside target. Closes below the 20-day moving average crossing at 16.199 would confirm that a short-term top has been posted.First resistance is today's high crossing at 16.935. Second resistance is the 75% retracement level of the 2018 decline crossing at 17.416. First support is the 20-day moving average crossing at 16.199. Second support is the 50-day moving average crossing at 15.518. 

September copper was steady to slightly lower overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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, monthly support crossing at 252.64 is the next downside target. Closes above the 20-day moving average crossing at 267.04 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 267.04. Second resistance is July's high crossing at 280.30. First support is Monday's low crossing at 253.15. Second support is monthly support crossing at 252.64.     

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

December corn was higher overnight as it consolidates some of the rebound off last-Thursday's low.The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI neutral to neutral to bullish signaling that sideways to higher prices possible near-term. Closes above the 20-day moving average crossing at 4.27 3/4 would confirm that a short-term low has been posted. If December resumes the decline off July's high, the 75% retracement level of the May-June rally crossing at 3.91 is the next downside target. First resistance is the 10-day moving average crossing at 4.16 1/4. Second resistance is the 20-day moving average crossing at 4.27 3/4. First support is last-Thursday's low crossing at 3.97 1/4. Second support is the 75% retracement level of the May-June rally crossing at 3.91.    

December wheat was steady to slightly lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off June's high, the 75% retracement level of the May-June-rally crossing at 4.73 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.05 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.05 1/4. Second resistance is the 50-day moving average crossing at 5.22 1/4. First support is the 75% retracement level of the May-June-rally crossing at 4.73 1/4. Second support is the 87% retracement level of the May-June-rally crossing at 4.58 1/2.  

December Kansas City Wheat closed down 8 1/2-cents at 4.34 3/4.

December Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 4.54 3/4 are needed to confirm that a short-term low has been posted. If December renews the decline off June's high, May's low crossing at 4.14 is the next downside target. First resistance is the 20-day moving average crossing at 4.54 3/4. Second resistance is the 50-day moving average crossing at 4.76. First support is last-Thursday's low crossing at 4.28. Second support is May's low crossing at 4.14.  

December Minneapolis wheat was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, psychological support crossing at 5.25 is the next downside target. Closes above the 20-day moving average crossing at 5.39 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.39 1/4. Second resistance is the 50-day moving average crossing at 5.57 1/4. First support is last-Thursday's low crossing at 5.28. Second support is psychological support crossing at 5.25.

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

November soybeans were higher in overnight trading.The high-range overnight trade sets the stage for a steady to higher opening when the day 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 8.98 1/4 would signal that a short-term low has been posted. If November extends the decline off June's high, the 75% retracement level of the May-June-rally crossing at 8.48 1/2 is the next downside target. First resistance is the 20-day moving average crossing at 8.98 1/4. Second resistance is July's high crossing at 9.36 1/2. First support is the 62% retracement level of the May-June-rally crossing at 8.66 1/4. Second support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2.

December soybean meal was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 310.20 would confirm that a short-term low has been posted. If December resumes the decline off June's high, May's low crossing at 291.60 is the next downside target. First resistance is the 10-day moving average crossing at 304.90. Second resistance is the 20-day moving average crossing at 310.20. First support is the 87% retracement level of the May-June-rally crossing at 297.40. Second support is May's low crossing at 291.60.   

December soybean oil was higher in overnight trading as it extends this summer's trading range. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above 29.32 or below 27.87 are needed to point the direction of the short-term trend. First resistance is June's high crossing at 29.32. Second resistance is the 50% retracement level of the February-May-decline crossing at 29.52. First support is July's low crossing at 27.87. Second support is June's low crossing at 27.60. 

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

October hogs closed down $2.83 at $64.60. 

October hogs closed lower on Tuesday as it extends the decline off July'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 October extends the decline off July's high, the July-2018 low crossing at 58.20 is the next downside target. Closes above the 50-day moving average crossing at 75.03 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 75.03. Second resistance is July's high crossing at 81.98. First support is Monday's low crossing at 61.50. Second support the July-2018 low crossing at 58.20.  

October cattle closed down $1.17 at 106.22. 

October cattle closed lower on Tuesday. Today's close below the 50-day moving average crossing at 107.19 confirms that a short-term top has been posted. 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 October extends today's decline, June's low crossing at 103.27 is the next downside target. If October renews the rally off June's low, the 50% retracement level of the March-July-decline crossing at 112.39 is the next upside target. First resistance is the 38% retracement level of the March-July-decline crossing at 110.20. Second resistance is the 50% retracement level of the March-July-decline crossing at 112.39. First support is Monday's low crossing at 104.85. Second support is June's low crossing at 103.27. 

October Feeder cattle closed up $0.23 at $138.65. 

October Feeder cattle closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, June's low crossing at 131.95 is the next downside target. If October renews the rally off June's low, the 50% retracement level of the April-June-decline crossing at 147.45 is the next upside target. First resistance is last-Tuesday's high crossing at 144.43. Second resistance is the 50% retracement level of the April-June-decline crossing at 147.45. First support is Monday's low crossing at 134.57. Second support is June's low crossing at 131.95.    

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

September coffee closed higher on Tuesday as it consolidates some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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, May's low crossing at 9.05 is the next downside target. Closes above the 20-day moving average crossing at 10.26 would confirm that a short-term low has been posted. 

September cocoa closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the decline off July's high, May's low crossing at 22.28 is the next downside target. Closes above the 20-day moving average crossing at 24.14 would confirm that a short-term low has been posted. 

October sugar closed lower on Tuesday. The low-range close set 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 October extends this week's decline, July's low crossing at 11.39 is the next downside target. Closes above the 50-day moving average crossing at 12.34 would renew the rally off July's low.

December cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 year's decline, monthly support crossing at 54.38 is the next downside target. Closes above the 20-day moving average crossing at 62.72 are needed to open the door for a possible test of July's high crossing at 68.35.