KEY EVENTS TO WATCH FOR:

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 STOCK INDEXES:The September NASDAQ 100 was higher overnight as it extends the rally off last-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 7757.93 would open the door for additional gains off August's low and a possible run at July's high of 8151.75. 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 50-day moving average crossing at 7757.93. Second resistance is July's high crossing at 8151.75. First support is last-Thursday's low crossing at 7388.25. Second support is the 75% retracement level of the June-July-rally crossing at 7237.04.

The September S&P 500 was higher overnight. 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 bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Thursday's low, the 50-day moving average crossing at 2948.65 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 50-day moving average crossing at 2948.65. Second resistance is July's high crossing at 3029.00. 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.

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

INTEREST RATES: September T-bonds were lower overnight. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 160-19 would confirm that a short-term top has been posted. If September resumes the rally off July's low, weekly resistance crossing at 167-06 is the next upside target. 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 163-25. Second support is the 20-day moving average crossing at 160-19.

September T-notes were lower overnight. Stochastics and the RSI are overbought, diverging and 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 129.117 would confirm that a short-term top has been posted. If September extends this year's rally, weekly resistance crossing at 132.016 is the next upside target. 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 130.101. Second support is the 20-day moving average crossing at 129.117. 

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

September crude oil 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. 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 54.81 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 the 10-day moving average crossing at 54.81. Second support is August's low crossing at 50.52.

September heating oil 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 189.03 would confirm 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 189.03. 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 87% retracement level of the 2018-2019-rally crossing at 172.15. 

September unleaded gas was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 172.35 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 172.35. Second resistance is the 50-day moving average crossing at 177.42. 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 50-day moving average crossing at 2.244 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 2.244. 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 steady to slightly lower overnight following Tuesday's key reversal down. 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 the 20-day moving average crossing at 97.77 would temper the near-term friendly outlook. First resistance is August's high crossing at 98.70. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 97.77. Second support is August's low crossing at 96.98.  

The September Euro was steady to slightly higher overnight as it extends the trading range of the past three-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 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 111.75 would signal that a short-term low has likely been posted. If September resumes the decline off June's high, monthly support crossing at 109.21 is the next downside target. First resistance is the 20-day moving average crossing at 111.75. Second resistance is the 50-day moving average crossing at 112.68. 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 this month's trading range. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 1.2177 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 1.2177. Second resistance is the 50-day moving average crossing at 1.2443 is the next upside target. First support is last-Monday's low crossing at 1.2033. Second support is monthly support crossing at 1.2001.  

The September Swiss Franc was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 1.0207 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 last-Tuesday's high crossing at 1.0384. Second resistance is June's high crossing at 1.0392. First support is Monday's low crossing at 1.0207. Second support is August's low crossing at 1.0064.

The September Canadian Dollar was higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 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 75.59 are needed to confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 75.59. Second resistance is the 50-day moving average crossing at 75.91. 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 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 at 0.0938. Second support is the 50-day moving average crossing at 0.0934.

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

PRECIOUS METALS: October gold was lower 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 1480.30 would signal 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 1480.30. Second support is the 50-day moving average crossing at 1436.40.

September silver was lower overnight. 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 16.759 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 16.759. Second support is the 50-day moving average crossing at 15.973. 

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 to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 266.07 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 266.07. 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 steady to fractionally higher overnight following. The low-range trade overnight 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 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 4.00 1/4. First support is Tuesday's low crossing at 3.68 1/4. Second support is May's low crossing at 3.63 3/4.     

December wheat was lower overnight as it extends the decline off June's high.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 4.87 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.87 1/2. Second resistance is the 50-day moving average crossing at 5.13. First support is the 87% retracement level of the May-June-rally crossing at 4.58 1/2. Second support is May's low crossing at 4.42 1/4.  

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 was steady to fractionally lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 5.27 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.20. Second resistance is the 50-day moving average crossing at 5.27 3/4. First support is the overnight 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.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 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. 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 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 high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-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 last-Wednesday's high crossing at 306.30. Second resistance is the 50-day moving average crossing at 313.00. 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 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 a short-term top is in or near. Closes below the 50-day moving average crossing at 28.74 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 50-day moving average crossing at 28.74. Second support is August's low crossing at 27.88. 

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

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.