KEY EVENTS TO WATCH FOR:

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 lower overnight as it consolidated some of this week's rebound that saw the index rally some 514 points off Tuesday'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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Tuesday's low, the 20-day moving average crossing at 7829.90 is the next upside target. If September resumes 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 Thursday's high crossing at 7738.50. Second resistance is the 20-day moving average crossing at 7829.86. 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 lower overnight as it consolidates some of the rebound off Tuesday's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Tuesday's low, the 20-day moving average crossing at 2968.34 would confirm that a short-term low has been posted. If September renews the decline off July's high, June's low crossing at 2737.00 is the next downside target. First resistance is Thursday's high crossing at 2940.10. Second resistance is the 20-day moving average crossing at 2968.34. 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. 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 156-23 would confirm that a short-term top has been posted. If September extends the rally off July's low, weekly resistance crossing at 167-06 is the next upside target. First resistance is Wednesday's high crossing at 163-31. Second resistance is weekly resistance crossing at 167-06. First support is the 10-day moving average crossing at 158-29. Second support is the 20-day moving average crossing at 156-23.

September T-notes were slightly higher overnight. 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 128.053 would confirm that a short-term top has been posted. If September extends the rally off July's low, weekly resistance crossing at 131.000 is the next upside target. First resistance is Wednesday'shigh crossing at 130.275. Second resistance is weekly resistance crossing at 131.000. First support is the 10-day moving average crossing at 128.301. Second support is the 20-day moving average crossing at 128.053. 

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

September crude oil was slightly 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. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. If September resumes the decline off last-Wednesday's high, the 75% retracement level of the 2018-2019-rally crossing at 49.99 is the next downside target. Closes above the 20-day moving average crossing at 55.83 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 54.99. Second resistance is the 20-day moving average crossing at 55.83. First support is Wednesday's low crossing at 50.52. Second support is the 75% retracement level of the 2018-2019-rally crossing at 49.99.    

September heating oil was higher overnight as it consolidates some of the decline off the late-July high. 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 sideways to higher prices are possible near-term. If September extends the aforementioned decline, the 87% retracement level of the 2018-2019-rally crossing at 172.15 is the next downside target. Closes above the 20-day moving average crossing at 188.80 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 186.12. Second resistance is the 20-day moving average crossing at 188.80. First support is Wednesday's low crossing at 174.50. Second support is the 87% retracement level of the 2018-2019-rally crossing at 172.15. 

September unleaded gas was higher overnight as it consolidates some of the decline off last-Wednesday's high. 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 178.19 would confirm that a short-term low has been posted. If September resumes the decline off July's high June's low crossing at 160.62 is the next downside target. First resistance is the 10-day moving average crossing at 174.24. Second resistance is the 20-day moving average crossing at 178.19. First support is Wednesday's low crossing at 161.11. Second support is June's low crossing at 160.62.

September Henry natural gas 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 neutral signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 2.195 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 20-day moving average crossing at 2.195. Second resistance is the 50-day moving average crossing at 2.273. 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 lower overnight as it continues to form an ascending triangle. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing at 96.98 would confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 97.71 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 Tuesday's low crossing at 96.98. Second support is the 50-day moving average crossing at 96.80.

The September Euro was steady to slightly higher overnight as it appears to be forming a small descending triangle as it consolidates some of the rally off the August 1^st low. The high-range overnight trade sets the stage for a steady to higher 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 113.02 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 113.02. Second resistance is the reaction high crossing at 113.44. First support is the August 1st low crossing at 110.65. Second support is monthly support crossing at 109.21.    

The September British Pound was lower overnight as it extends the decline off March's high. 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 1.2334 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2171. Second resistance is the 20-day moving average crossing at 1.2334 is the next upside target. First support is the overnight low crossing at 1.2076. Second support is monthly support crossing at 1.2001.  

The September Swiss Franc was higher overnight. 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 the August 1^st low, June's high crossing at 1.0392 is the next upside target. Closes below the 50-day moving average crossing at 1.0199 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.0354. Second resistance is June's high crossing at 1.0392. First support is the 50-day moving average crossing at 1.0199. Second support is last-Thursday's crossing at 1.0064.

The September Canadian Dollar was slightly higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 76.07 are needed to confirm that a short-term low has been posted.If September extends the decline off July's high, the 75% retracement level of the May-June-rally crossing at 74.68 is the next downside target.First resistance is the 20-day moving average crossing at 76.07. 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 0.0933 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 0.0933. Second support is the August 1st low crossing at 0.0918.

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

PRECIOUS METALS: October gold was slightly higher overnight. 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 1447.50 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 1516.20. 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 10-day moving average crossing at 1466.00. Second support is the 20-day moving average crossing at 1447.50.

September silver was higher overnight. Stochastics and the RSI are diverging but are 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 16.387 would confirm that a short-term top has been posted.First resistance is Wednesday's high crossing at 17.260. 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 16.387. Second support is the 50-day moving average crossing at 15.620. 

September copper was steady to slightly 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 have turned neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 266.25 would confirm that a short-term low has been posted. If September renews the decline off July's high, monthly support crossing at 252.64 is the next downside target. First resistance is the 20-day moving average crossing at 266.25. 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 steady to fractionally higher overnight as it extends the rebound off the August 1^st 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 4.24 1/4 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 20-day moving average crossing at 4.24 1/4. Second resistance is the 50-day moving average crossing at 4.37 1/4. First support is the August 1^st 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 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.02 1/4 would confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 5.02 1/4. Second resistance is the 50-day moving average crossing at 5.21 1/2. 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 a 1/4-cent at 4.35.

December Kansas City wheat closed fractionally lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Multiple closes above the 20-day moving average crossing at 4.51 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 4.51. Second resistance is the 50-day moving average crossing at 4.74. 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 steady to fractionally higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 5.37 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.37. Second resistance is the 50-day moving average crossing at 5.55 1/2. 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 as it extends the rally off Monday's low.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 neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 8.92 1/4 would signal that a short-term low has been posted. If November resumes 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 8.92 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 as it extends the trading range of the past six-days. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 308.40 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 303.30. Second resistance is the 20-day moving average crossing at 308.40. 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 sharply higher in overnight trading marking an upside breakout of 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 neutral to bullish signaling sideways to higher prices are possible near-term. If December extends this week's rally, the 62% retracement level of the February-May-decline crossing at 30.12 is the next upside target. Closes below the 50-day moving average crossing at 28.53 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the February-May-decline crossing at 30.12. Second resistance level is the 75% retracement level of the February-May-decline crossing at 30.79 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 up $1.03 at $67.88. 

October 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 74.45 would confirm that a short-term low has been posted. If October resumes the decline off July's high, the July-2018 low crossing at 58.20 is the next downside target. First resistance is the 50-day moving average crossing at 74.45. 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 up $0.30 at 106.75. 

October cattle closed higher on Thursday. The mid-range close sets the stage for a steady opening on Friday. 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 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 $0.73 at $139.63. 

October Feeder cattle closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. 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. If October resumes the decline off July's high, June's low crossing at 131.95 is the next downside 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 slightly lower on Thursday. 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 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 10.18 would confirm that a short-term low has been posted. 

September cocoa closed lower on Thursday as it extends the decline off July's high. 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 sideways to lower prices are possible near-term. If September extends the decline off July's high, May's low crossing at 21.48 is the next downside target. Closes above the 20-day moving average crossing at 23.85 would confirm that a short-term low has been posted. 

October sugar posted an inside day with a higher close on Thursday as it consolidates some of Wednesday's decline. The high-range close set 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 October extends this week's decline, weekly support crossing at 10.80 is the next downside target. Closes above the 20-day moving average crossing at 11.89 would confirm that a low has been posted.

December cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 62.30 are needed to confirm that a low has been posted. If December extends this year's decline, monthly support crossing at 54.38 is the next downside target.