KEY EVENTS TO WATCH FOR:

Friday, August 16, 2019   

8:30 AM ET. July New Residential Construction - Housing Starts and Building Permits

                       Total Starts (expected 1.24M; previou 1.253M)

                       Housing Starts, M/M% (expected -1.0%; previous -0.9%)

                       Building Permits (expected 1.27M; previous 1.220M)

                       Building Permits, M/M% (expected +4.1%; previous -6.1%)

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

                       Mid-Mo Sentiment (expected 97.0; previous 98.4)

                       Mid-Mo Expectations (previous 90.1)

                       Mid-Mo Current Idx (previous 111.1)

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

10:00 AM ET. 2^nd Quarter Advance Quarterly Services

  N/A               U.S: Hawaii Statehood Day

Monday, August 19, 2019   

10:00 AM ET. 2^nd Quarter Quarterly Retail E-Commerce Sales

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

The STOCK INDEXES:The September NASDAQ 100 was sharply higher overnight as it extends the rally off Thursday'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 bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 7746.86 would open the door for additional gains off August's low. First resistance is the 20-day moving average crossing at 7746.86. Second resistance is July's high crossing at 8151.75. First support is last-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 higher overnight as it extends the rebound off Thursday's low. 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 are 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 resumes the rally off August's low, the 50-day moving average crossing at 2946.80 is the next upside target. First resistance is the 50-day moving average crossing at 2946.80. Second resistance is July's high crossing at 3029.00. First support is last-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 lower overnight as it consolidates some of this week's gains. 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 159-04 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 166-30. Second resistance is weekly resistance crossing at 167-06. First support is the 10-day moving average crossing at 162-27. Second support is the 20-day moving average crossing at 159-04.

September T-notes were lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally, weekly resistance crossing at 132.016 is the next upside target. Closes below the 20-day moving average crossing at 128.289 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 131.110. Second resistance is weekly resistance crossing at 132.016. First support is the 10-day moving average crossing at 130.041. Second support is the 20-day moving average crossing at 128.289. 

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

September crude oil was higher overnight hinting that a two-day correction off Tuesday's low might be ending.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 signaling that sideways to higher prices are possible near-term. If September resumes 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 54.44 would signal that a short-term top has been posted. First resistance is the late-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 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 to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at 188.93 would confirm that a short-term low has been posted. 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 higher overnight as it consolidated some of this week's losses. 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 September resumes the decline off July's high, the January-2019 low crossing at 156.05 is the next downside target. Closes above the 50-day moving average crossing at 177.41 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 174.17. Second resistance is the 50-day moving average crossing at 177.41. 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 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 2.251 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 2.251. Second resistance is August's high crossing at 2.333. 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 higher overnight as it extends the rebound off August's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, August's high crossing at 98.70 is the next upside target. Closes below August'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 August's low crossing at 96.98. Second support is the 50-day moving average crossing at 96.93.

The September Euro was lower overnight as it extends this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, August's low crossing at 110.65 is the next downside target. Closes above the 50-day moving average crossing at 112.85 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 112.85. 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 higher overnight as it consolidates some of the decline off March's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings 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 1.2229 are needed to confirm that a short-term low has been posted. If September resumes 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 1.2229. Second resistance is the 50-day moving average crossing at 1.2480 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 lower overnight as it extends this week's decline. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 1.0212 are needed to confirm that a short-term top has been posted. If September resumes 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 1.0212. Second support is August's low crossing at 1.0064.

The September Canadian Dollar was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI are oversold but remain 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 75.74 are needed to confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 75.74. 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 lower overnight. 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 resumes 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 0.0933.

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

PRECIOUS METALS: October gold was lower 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 1468.90 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 1505.60. Second support is the 20-day moving average crossing at 1468.90.

September silver was slightly lower overnight as it consolidates below the 75% retracement level of the 2018 decline crossing at 17.416. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 16.683 would confirm that a short-term top has been posted.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 16.683. Second support is the 50-day moving average crossing at 15.847. 

September copper 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 signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 266.49 are needed to 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 266.49. Second resistance is July's high crossing at 280.30. First support is August'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 this week's huge decline. 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 Tuesday's gap crossing at 3.92 3/4 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 4.08 1/2. First support is Thursday's low crossing at 3.69. Second support is May's low crossing at 3.63 3/4.     

December wheat was higher overnight as it consolidates above the 75% retracement level of the May-June rally crossing at 4.73 1/4.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 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 5.16 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 up 3 1/2-cents at 4.04 1/4.

December Kansas City wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December 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 4.36 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.23 1/2. Second resistance is the 20-day moving average crossing at 4.36 1/2. First support is Wednesday's low crossing at 3.97 1/2. Second support is weekly support crossing at 3.82.   

December Minneapolis wheat was higher overnight as it consolidates some of Thursday'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 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 5.30 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.30 1/2. Second resistance is the 50-day moving average crossing at 5.49 1/4. First support is Thursday's low crossing at 5.14. Second support is psychological support crossing at 5.00.

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

November soybeans were higher in overnight trading as it consolidates some of this week's losses.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 to bearish signaling that sideways to lower prices are possible near-term. Closes above Tuesday's high crossing at 8.96 3/4 are needed to confirm 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 Tuesday's high crossing at 8.96 3/4. 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 while extends this month's trading range. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above Wednesday's high crossing at 306.30 are needed to 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 Wednesday's high crossing at 306.30. Second resistance is the 50-day moving average crossing at 314.30. 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 mid-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 bearish signaling a short-term top is in or near. Closes below the 50-day moving average crossing at 28.69 would confirm that a short-term top has been posted. If December resumes the rally off August's low, 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 the 10-day moving average crossing at 29.22. Second support is the 20-day moving average crossing at 28.93. 

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

October hogs closed down $1.78 at $65.00. 

October hogs closed lower on Thursday as it extends the trading range of the past two-weeks.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 signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 73.08 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 73.08. Second resistance is July's high crossing at 81.98. First support is last-Monday's low crossing at 61.50. Second support the July-2018 low crossing at 58.20.  

October cattle closed up $0.03 at 98.53. 

October cattle closed slightly higher 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 October extends the decline off July's high, weekly support crossing at 97.08 is the next downside target. Closes above the 20-day moving average crossing at 106.68 would confirm that a short-term low has been posted. First resistance is Tuesday's gap crossing at 103.75. Second resistance is the 20-day moving average crossing at 106.68. First support is today's low crossing at 98.13. Second support is weekly support crossing at 97.08. 

October Feeder cattle closed up $0.38 at $133.75. 

October Feeder cattle closed higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above Monday's gap crossing at 137.82 would confirm that a low has been posted. If October extends the decline off July's high, weekly support crossing at 126.09 is the next downside target. First resistance is July's high crossing at 144.43. Second resistance is the reaction high crossing at 148.23. First support is Tuesday's low crossing at 127.32. Second support is weekly support crossing at 126.09.    

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

September coffee closed 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 9.87 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, last-October's low crossing at 20.63 is the next downside target. Closes above the 20-day moving average crossing at 23.16 would confirm that a short-term low has been posted. 

October sugar closed slightly higher on Thursday. The mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If October extends the decline off June's high, weekly support crossing at 10.80 is the next downside target. Closes above the 20-day moving average crossing at 11.82 would confirm that a low has been posted. 

December cotton closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. 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 61.38 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.