KEY EVENTS TO WATCH FOR:

Wednesday, August 14, 2019   

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 509.8)

                       Composite Idx, W/W% (previous +5.3%)

                       Purchase Idx-SA (previous 247.9)

                       Purchase Idx-SA, W/W% (previous -2.0%)

                       Refinance Idx (previous 2003.0)

                       Refinance Idx, W/W% (previous +11.8%)

8:30 AM ET. July Import & Export Price Indexes

                       Import Prices (expected -0.1%; previous -0.9%)

                       Non-Petroleum Prices (previous -0.4%)

                       Petroleum Prices (previous -6.2%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 438.93M)

                       Crude Oil Stocks, Net Chg (Bbl) (expected -2.1M; previous +2.385M)

                       Gasoline Stocks (Bbl) (previous 235.172M)

                       Gasoline Stocks, Net Chg (Bbl) (expected +0.1M; previous +4.437M)

                       Distillate Stocks (Bbl) (previous 137.451M)

                       Distillate Stocks, Net Chg (Bbl) (expected +0.9M; previous +1.529M)

                       Refinery Usage (expected 96.4%; previous 96.4%)

                       Total Prod Supplied (Bbl/day) (previous 21.481M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.185M)

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

The STOCK INDEXES:The September NASDAQ 100 was lower overnight on slowdown concerns. 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. Closes above the 20-day moving average crossing at 7789.81 would open the door for additional gains off August's low. 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 the 20-day moving average crossing at 7789.81. Second resistance is July's high crossing at 8151.75. First support is Tuesday's low crossing at 7514.00. Second support is the 75% retracement level of the June-July-rally crossing at 7237.04.

The September S&P 500 was lower overnight. The low-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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off July's high, June's low crossing at 2737.00 is the next downside target. If September extends the rally off August's low, the 20-day moving average crossing at 2953.72 is the next upside target. First resistance is the 20-day moving average crossing at 2953.72. Second resistance is July's high crossing at 3029.00. First support is Tuesday's low crossing at 2868.40. Second support is the 87% retracement level of the June-July-rally crossing at 2774.78.

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

INTEREST RATES: September T-bonds 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 167-06 is the next upside target. Closes below the 20-day moving average crossing at 158-01 would confirm that a short-term top has been posted. First resistance is today's high crossing at 164-13. Second resistance is weekly resistance crossing at 167-06. First support is the 10-day moving average crossing at 161-10. Second support is the 20-day moving average crossing at 158-01.

September T-notes were higher overnight as it extends the trading range of the past six-days. 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, weekly resistance crossing at 132.016 is the next upside target. Closes below the 20-day moving average crossing at 128.182 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 130.275. Second resistance is weekly resistance crossing at 132.016. First support is the 10-day moving average crossing at 129.223. Second support is the 20-day moving average crossing at 128.182. 

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

September crude oil was lower overnight as it consolidates some of the rally off last-Wednesday'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 turning neutral to bullish signaling that a short-term low might be in or is near. If September extends the rally off August's low, the late-July high crossing at 58.82 is the next upside target. Closes below the 10-day moving average crossing at 54.51 would signal that a short-term top has been posted. First resistance is the last-July high crossing at 58.82. Second resistance is July's high crossing at 61.02. First support is last-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 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 188.93 would signal that a short-term low has been posted. If September resumes the decline off July's high, the 87% retracement level of the 2018-2019-rally crossing at 172.15 is the next downside target. First resistance is the 50-day moving average crossing at 188.93. Second resistance is the late-July high crossing at 197.47. First support is last-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 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 177.52 would confirm that a short-term low has been posted. If September resumes the decline off July's high, the January-2019 low crossing at 156.05 is the next downside target. First resistance is the 20-day moving average crossing at 175.93. Second resistance is the 50-day moving average crossing at 177.52. First support is June's low crossing at 160.62. Second support is the January-2019 low crossing at 156.05.

September Henry natural gas 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.171 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 2.171. Second resistance is the 50-day moving average crossing at 2.257. First support is August'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 extends the trading range of the past six-days. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Tuesday's high crossing at 97.69 would temper the near-term bearish outlook. Closes below last-Tuesday's low crossing at 96.98 would confirm that a short-term top has been posted. First resistance is August's high crossing at 98.70. Second resistance is weekly resistance crossing at 99.90. First support is last-Tuesday's low crossing at 96.98. Second support is the 50-day moving average crossing at 96.85.

The September Euro was steady to slightly lower overnight as it extends the trading range of the past six-day trading range. 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. Closes below Monday's low crossing at 111.92 would temper the near-term bullish outlook. Closes above the 50-day moving average crossing at 112.95 would open the door for additional 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 112.95. 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 steady to slightly higher overnight as it consolidates some of the decline off March's high. The mid-range overnight trade sets the stage for a steady to higher 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 1.2272 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2272. Second resistance is the 50-day moving average crossing at 1.2505 is the next upside target. First support is Monday's low crossing at 1.2033. Second support is monthly support crossing at 1.2001.  

The September Swiss Franc was higher overnight as it consolidates some of Tuesday's sharp decline. 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 50-day moving average crossing at 1.0209 are needed to confirm that a short-term top has been posted. If September extends the rally off the August 1^st low, June's high crossing at 1.0392 is the next upside target. First resistance is Tuesday's high crossing at 1.0384. Second resistance is June's high crossing at 1.0392. First support is the 50-day moving average crossing at 1.0209. Second support is August's low crossing at 1.0064.

The September Canadian Dollar was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off July's high, the 75% retracement level of the May-June-rally crossing at 74.68 is the next downside target. Closes above the 20-day moving average crossing at 75.91 are needed to confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 75.91. 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 as it consolidates some of Tuesday's sharp decline. 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 0.0936 would confirm that a short-term top has been posted. If September extends the rally off August's low, the 62% retracement level of the 2018-2019-decline crossing at 0.0960 is the next upside target. First resistance is Monday's high crossing at 0.0954. 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 0.0936. Second support is the 50-day moving average crossing at 0.0932.

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

PRECIOUS METALS: October gold 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 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 1460.80 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 1539.50. 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 1490.40. Second support is the 20-day moving average crossing at 1460.80.

September silver was higher overnight. 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 16.590 would confirm that a short-term top has been posted.If September extends the rally off May's low, the 87% retracement level of the 2018 decline crossing at 17.906 is the next upside target. First resistance is the 75% retracement level of the 2018 decline crossing at 17.416. Second resistance is the 87% retracement level of the 2018 decline crossing at 17.906. First support is the 20-day moving average crossing at 16.590. Second support is the 50-day moving average crossing at 15.754. 

September copper 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 to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 266.68 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 50-day moving average crossing at 266.68. Second resistance is July's high crossing at 280.30. First support is last-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 long-liquidation appears to have abated for the time being. The high-range trade overnight 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 possible near-term. If December extends the decline off July's high, May's low crossing at 3.63 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.15 1/4 would confirm that a short-term low has been posted. First resistance is Tuesday's gap crossing at 3.92 3/4. Second resistance is the 20-day moving average crossing at 4.15 1/4. First support is Tuesday's low crossing at 3.76. Second support is May's low crossing at 3.63 3/4.    

December wheat was higher overnight as it rebounds off the 75% retracement level of the May-June rally crossing at 4.73 1/4.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 bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, the 87% retracement level of the May-June-rally crossing at 4.58 1/2 is the next downside target. Closes above last-Friday's high crossing at 5.06 1/4 would confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 5.06 1/4. Second resistance is the 50-day moving average crossing at 5.18 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 8 1/2-cents at 4.00 1/2.

December Kansas City wheat closed lower on Tuesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday 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, weekly support crossing at 3.82 is the next downside target. Multiple closes above the 20-day moving average crossing at 4.42 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.42. Second resistance is the 50-day moving average crossing at 4.68. First support is today's low crossing at 4.00 1/4. Second support is weekly support crossing at 3.82.  

December Minneapolis 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 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, psychological support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.33 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.33 1/4. Second resistance is the 50-day moving average crossing at 5.51 3/4. First support is Tuesday's low crossing at 5.14 1/2. Second support is psychological support crossing at 5.00.

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

November soybeans were lower in overnight trading.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 a low might be in or is near. Closes above the 20-day moving average crossing at 8.89 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 8.89. 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 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 to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 306.50 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 20-day moving average crossing at 306.50. Second resistance is the 50-day moving average crossing at 315.40. 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 higher 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 overbought and are turning neutral to bearish signaling a short-term top is in or near. Closes below the 50-day moving average crossing at 28.63 would confirm that a short-term top has been posted. If December extends last-week's rally, the 75% retracement level of the February-May-decline crossing at 30.79 is the next upside target. 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.