KEY EVENTS TO WATCH FOR:

Tuesday, August 20, 2019 

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous -2.7%)

                       Chain Store Sales, M/M% (previous +1.7%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -2.0%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +4.4%)

                       Latest Wk, Y/Y% (previous +4.4%)

4:30 AM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +3.7M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +3.7M)

                       Distillate Stocks, Net Chg (Bbls) (previous -1.3M)

Wednesday, August 21, 2019  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 620.4)

                       Composite Idx, W/W% (previous +21.7%)

                       Purchase Idx-SA (previous 252.6)

                       Purchase Idx-SA, W/W% (previous +1.9%)

                       Refinance Idx (previous 2742.9)

                       Refinance Idx, W/W% (previous +36.9%)

10:00 AM ET. July Existing Home Sales

                       Existing Sales (previous 5.27M)

                       Existing Sales, M/M% (previous -1.7%)

                       Unsold Homes Month's Supply (previous 4.4)

                       Median Price (USD) (previous 285700)

                       Median Home Price, Y/Y% (previous +4.3%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 440.51M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.58M)

                       Gasoline Stocks (Bbl) (previous 233.76M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.412M)

                       Distillate Stocks (Bbl) (previous 135.513M)

                       Distillate Stocks, Net Chg (Bbl) (previous -1.938M)

                       Refinery Usage (previous 94.8%)

                       Total Prod Supplied (Bbl/day) (previous 22.078M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.597M)

2:00 PM ET. Federal Open Market Committee meeting minutes published

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

The September NASDAQ 100 posted an inside day with a lower close on Tuesday ending a three-day rally off last-Thursday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 7725.21 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If September renews 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 7725.21. Second resistance is July's high crossing at 8051.75. First support isthe 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 closed lower on Tuesday as it consolidated some of the rally off last-Thursday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Thursday's low, the 50-day moving average crossing at 2948.31 is the next upside target. If September renews the decline off July's high, June's low crossing at 2737.00 is the next downside target. First resistance is the 20-day moving average crossing at 2930.61. Second resistance is the 50-day moving average crossing at 2948.31. First support is last-Thursday's low crossing at 2819.30. Second support is the 87% retracement level of the June-July-rally crossing at 2774.78.   

The Dow closed lower on Tuesday over investor concerns over the strength of the U.S. economy and political developments in Europe that were weighing on government bonds.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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 26,610.08 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off July's high, the 87% retracement level of the June-July-rally crossing at 25,034.74 is the next downside target. First resistance is the 50-day moving average crossing at 26,610.08. Second resistance is the July 31^st reaction high crossing at 27,281.65. First support is the 75% retracement level of the June-July-rally crossing at 25,362.34. Second support is the 87% retracement level of the June-July-rally crossing at 25,034.74.

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September T-bonds closed up 31/32's at 165-07.

September T-bonds closed higher on Tuesday ending a two-day setback off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, weekly resistance crossing at 167-06 is the next upside target. Closes below the 20-day moving average crossing at 160-04 are needed to confirm that a short-term top has been posted. First resistance is last-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 163-14. Second support is the 20-day moving average crossing at 160-04.          

September T-notes closed up 125-pts. At 130.265.

September T-notes closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. 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 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 129.070 would confirm that a short-term top has been posted. First resistance is last-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 130.079. Second support is the 20-day moving average crossing at 129.070.        

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September crude oil closed higher on Tuesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off August's low, the late-July high crossing at 58.82 is the next upside target. If September renews the decline off July's high, the 75% retracement level of the 2018/2019 rally crossing at 49.99 is the next downside target. First resistance is last Tuesday's high crossing at 57.47. Second resistance is the late-July high crossing at 58.82. First support is August'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 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. 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 188.96 are needed to confirm that a short-term low has been posted. If September resumes the decline off last-Tuesday's high, the December-2018 low crossing at 165.77 is the next downside target. First resistance is the 50-day moving average crossing at 188.96. Second resistance is the late-July high crossing at 197.47. First support is August's low crossing at 174.50. Second support is the December-2018 low crossing at 165.77. 

September unleaded gas closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at 172.86 are needed to confirm that a short-term low has been posted. If September renews 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 172.86. Second resistance is the 50-day moving average crossing at 177.38. First support is August's low crossing at 161.11. Second support is the January-2019 low crossing at 156.05.

September Henry natural gas closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 2.247 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If September renews the decline off July's high, weekly support crossing at 1.909 is the next downside target. First resistance is the 50-day moving average crossing at 2.247. Second resistance is August's high crossing at 2.333. First support is August's low crossing at 2.029. Second support is weekly support crossing at 1.909.        

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The September Dollar closed lower on Tuesday as it consolidated some of the rally off August's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain 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 the 10-day moving average crossing at 97.74 would confirm that a short-term top has been posted. First resistance is today's high crossing at 98.34. Second resistance is August's high crossing at 98.70. First support is the 10-day moving average crossing at 97.74. Second support is the 50-day moving average crossing at 97.00.

The September Euro closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high, August's low crossing at 110.65 is the next downside target. Closes above the 20-day moving average crossing at 111.78 would confirm that a short-term low has been posted. Closes above the 50-day moving average crossing at 112.74 would open the door for a possible test of June's high crossing at 114.86. First resistance is the 50-day moving average crossing at 112.74. Second resistance is the June high crossing at 114.86. First support is August's low crossing at 110.65. Second support is monthly support crossing at 109.21.

The September British Pound closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 1.2183 would confirm that a short-term low has been posted. If September extends the decline off June's high, monthly support crossing at 1.2001 is the next downside target. First resistance is the 20-day moving average crossing at 1.2183. Second resistance is the 50-day moving average crossing at 1.2456. First support is last-Monday's low crossing at 1.2033. Second support ismonthly support crossing at 1.2001.  

The September Swiss Franc closed higher on Tuesday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.0213 would confirm that a short-term top has been posted. If September resumes the rally off August's low, June's high crossing at 1.0392 is the next upside target. First resistance is last-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 1.0213. Second support is the 50% retracement level of the May-June-rally crossing at 1.0148.

The September Canadian Dollar closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher 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 September resumes the decline off July's high, the 75% retracement level of the June-July-rally crossing at 74.68 is the next downside target. Closes above the 20-day moving average crossing at 75.64 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 75.64. Second resistance is late-July high crossing at 76.37. First support is the 62% retracement level of the June-July-rally crossing at 75.08. Second support is the 75% retracement level of the June-July-rally crossing at 74.68.   

The September Japanese Yen closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0938 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 last-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 0.0938. Second support is the 50-day moving average crossing at 0.0933.  

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October gold closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. 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 1476.60 would confirm that a short-term top has been posted. 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. First resistance is last-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 20-day moving average crossing at 1476.60. Second support is the 50-day moving average crossing at 1433.00.

September silver closed higher on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.737 are needed to confirm that a short-term top has been posted. If September extends the rally off May's low, the 87% retracement level of 2018's decline crossing at 17.906 is the next upside target. First resistance is last-Tuesday's high crossing at 17.490. Second resistance is the 87% retracement level of 2018's decline crossing at 17.906. First support is the 20-day moving average crossing at 16.737. Second support is the 50-day moving average crossing at 15.928.          

September copper closed lower on Tuesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 262.05 would temper the near-term bearish outlook. If September resumes the decline off July's high, weekly support crossing at 252.64 is the next downside target. First resistance is the 20-day moving average crossing at 262.05. Second resistance is the 50-day moving average crossing at 266.26. First support is August's low crossing at 253.15. Second support is weekly support crossing at 252.64.  

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December Corn closed down 5 1/2-cents at 3.69. 

December corn closed lower on Tuesday as it renewed the decline off June's high. Rain moving across the Midwest overnight and during the day, which pressured the market to new lows for the summer. The low-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are 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 last-Tuesday's gap crossing at 3.92 3/4 would confirm that a short-term low has been posted. First resistance is last-Tuesday's gap crossing at 3.92 3/4. Second resistance is the 20-day moving average crossing at 4.03 1/4. First support is today's low crossing at 3.69. Second support is May's low crossing at 3.63 3/4.  

December wheat closed down 7 1/2-cents at 4.65. 

December wheat closed lower on Tuesday as it extends the decline off June's low. 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 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 the 20-day moving average crossing at 4.89 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.89 1/2. Second resistance is the reaction high crossing at 5.06 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 4 3/4-cents at 4.02.

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 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 4.29 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.13 1/2. Second resistance is the 20-day moving average crossing at 4.29 1/2. First support is last-Wednesday's low crossing at 3.97 1/2. Second support is weekly support crossing at 3.82.  

December Minneapolis wheat closed down 1-cents at 5.16. 

December Minneapolis wheat closed lower on Tuesday. 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 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 5.29 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.29. Second resistance is the reaction high crossing at 5.50 1/2. First support is last-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 closed up 2-cents at 8.68 1/2.

November soybeans closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November renews 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. Multiple closes above last-Tuesday's high crossing at 8.96 3/4 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 8.96 3/4. Second resistance is the 50-day moving average crossing at 9.01 1/4. First support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2. Second support is the 87% retracement level of the May-June-rally crossing at 8.32 1/2.  

December soybean meal closed up $2.20 at 299.40. 

December soybean meal closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off June's high, May's low crossing at 291.60 is the next downside target. Closes above last-Wednesday's high crossing at 306.30 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 306.30. Second resistance is the 50-day moving average crossing at 313.40. First support is the 87% retracement level of the May-June-rally crossing at 297.10. Second support is May's low crossing at 291.60.  

December soybean oil closed down 22-pts at 28.82. 

December soybean oil closed lower on Tuesday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 28.72 would confirm that a short-term top has been posted. If December renews the rally off July's low, the 75% retracement level of the February-May-decline crossing at 30.79 is the next upside target. First resistance is August's high crossing at 30.25. Second resistance is the 75% retracement level of the February-May-decline crossing at 30.79. First support is the 50-day moving average crossing at 28.72. Second support is July's low crossing at crossing at 27.87.      

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October hogs closed up $0.95 at $64.98. 

October hogs closed higher on Tuesday as it extends August's trading range.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October resumes 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 72.15 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 72.15. Second resistance is July's high crossing at 81.98. First support is August's low crossing at 61.50. Second support the July-2018 low crossing at 58.20.  

October cattle closed up $1.78 at 100.00. 

October cattle 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 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 105.12 would confirm that a short-term low has been posted. First resistance is last-Tuesday's gap crossing at 103.75. Second resistance is the 20-day moving average crossing at 105.12. First support is last-Friday's low crossing at 97.78. Second support is weekly support crossing at 97.08. 

October Feeder cattle closed up $0.48 at $133.65. 

October Feeder cattle closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above last-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 last-Monday's gap crossing at 137.82. Second resistance is July's high crossing at 144.43. First support is last-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 slightly 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 September extends the decline off July's high, weekly support crossing at 8.76 is the next downside target. Closes above the 20-day moving average crossing at 9.67 would confirm that a short-term low has been posted.   

September cocoa closed higher on Tuesday as it consolidates some of the decline off July's high. 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 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 22.62 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 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 11.79 would confirm that a low has been posted. 

December cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 60.80 are needed to confirm that a low has been posted. If December renews this year's decline, monthly support crossing at 54.38 is the next downside target.