KEY EVENTS TO WATCH FOR:

Thursday, August 22, 2019 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 217K; previous 220K)

                       Jobless Claims, Net Chg (previous +9K)

                       Continuing Claims (previous 1726000)

                       Continuing Claims, Net Chg (previous +39K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 363.8K)

                       Soybeans (Metric Tons) (previous 707.6K)

                       Wheat (Metric Tons) (previous 474.5K)

9:45 AM ET. Bloomberg Consumer Comfort Index

9:45 AM ET. August US Flash Manufacturing PMI

                       PMI, Mfg (expected 50.3; previous 50.0)

9:45 AM ET. August US Flash Services PMI

                       PMI, Services (expected 52.6; previous 52.2)

10:00 AM ET. July Leading Indicators

                       Leading Index, M/M% (expected +0.3%; previous -0.3%)

                       Leading Index (previous 111.5)

                       Coincident Index, M/M% (previous +0.1%)

                       Lagging Index, M/M% (previous +0.6%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2738B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +49B)

11:00 AM ET. August Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous -6)

                       6-Mo Exp Prod Idx (previous 23)

                       Mfg Composite Idx  (previous -1)

                       6-Mo Exp Composite Idx (previous 9)

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

  N/A              Jackson Hole economic policy symposium opens

Friday, August 23, 2019 

10:00 AM ET. July New Residential Sales

                       New Home Sales (expected 650K; previous 646K)

                       New Home Sales, M/M% (expected +0.6%; previous +7.0%)

                       New Home Sales Months Supply (previous 6.3)

  N/A              Federal Reserve Chair Jerome Powell speaks at the Jackson

                    Hole economic policy symposium

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

The September NASDAQ 100 closed higher on Wednesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 7757.74 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 50-day moving average crossing at 7757.74. 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 higher on Wednesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 2948.80 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 2925.39. Second resistance is the 50-day moving average crossing at 2948.80. 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 higher on Wednesday as it extends the rally off last-Thursday's low.The mid-range close sets the stage for a steady to lower opening when Thursday'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 26,611.28 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 20-day moving average crossing at 26,326.04. Second resistance is the 50-day moving average crossing at 26,611.28. 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 down 15/32's at 164-17.

September T-bonds closed lower on Wednesday. The mid-range close sets the stage for a steady  opening when Thursday's night session begins trading. 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 20-day moving average crossing at 160-04 are needed to confirm that a short-term top has been posted. If September extends the rally off July's low, weekly resistance crossing at 167-06 is the next upside target. First resistance is 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 163-26. Second support is the 20-day moving average crossing at 160-20.          

September T-notes closed down 85-pts. At 130.150.

September T-notes closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. 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 the rally off July's low, 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 130.103. 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 closed higher on Wednesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are 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 slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. 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 189.00 are needed to confirm that a short-term low has been posted. If September resumes the decline off July'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 189.00. 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 Wednesday. Profit taking ahead of the close tempered early-session gains and the low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 172.30 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 172.30. Second resistance is the 50-day moving average crossing at 177.40. 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 lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday'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 2.243 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 2.243. 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.        

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The September Dollar closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 20-day moving average crossing at 97.78 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 98.34. Second resistance is August's high crossing at 98.70. First support is the 20-day moving average crossing at 97.78. Second support is the 50-day moving average crossing at 97.04.

The September Euro closed lower on Wednesday as it extends the trading range of the past three-days. The low-range close sets the stage for a steady to lower opening when Thursday'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 111.74 would confirm that a short-term low has been posted. Closes above the 50-day moving average crossing at 112.68 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 112.68. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 1.2177 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 1.2177. Second resistance is the 50-day moving average crossing at 1.2443. First support is last-Monday's low crossing at 1.2033. Second support ismonthly support crossing at 1.2001.  

The September Swiss Franc closed lower on Wednesday and below the 50-day moving average crossing at 1.0214 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing at 1.0271 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 today's low crossing at 1.0198. Second support is the 50% retracement level of the May-June-rally crossing at 1.0148.

The September Canadian Dollar closed higher on Wednesday. The mid-range close sets the stage for a steady opening when Thursday'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 75.59 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 75.59. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’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 0.0934.  

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

October gold closed lower on Wednesday.The mid-range close sets the stage for a steady to lower opening when Thursday'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 1480.30 would confirm that a short-term top has been posted. If October resumes 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 closed slightly lower on Wednesday. The high-range close set the stage for a steady to higher opening when Thursday'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 16.761 are needed to confirm that a short-term top has been posted. If September resumes 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 16.761. Second support is the 50-day moving average crossing at 15.974.          

September copper closed unchanged on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 261.38 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 261.38. Second resistance is the 50-day moving average crossing at 266.07. First support is August's low crossing at 253.15. Second support is weekly support crossing at 252.64.  

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

December Corn closed up 2-cents at 3.70 3/4. 

December corn closed higher on Wednesday as it consolidated some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening when Thursday'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 4.00 1/4. First support is today's low crossing at 3.66 1/4. Second support is May's low crossing at 3.63 3/4.  

December wheat closed up 2-cents at 4.68 1/2. 

December wheat closed higher on Wednesday as it consolidates some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening when Thursday'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 4.87 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.87 3/4. Second resistance is the reaction high crossing at 5.06 1/4. 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 1 1/2-cents at 4.00 1/2.

December Kansas City wheat closed lower on Wednesday. The mid-range close sets the stage for a steady opening when Thursday 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 4.26 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.10. Second resistance is the 20-day moving average crossing at 4.26 3/4. 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-cent at 5.15. 

December Minneapolis wheat closed lower on Wednesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 5.27 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.27 3/4. Second resistance is the reaction high crossing at 5.50 1/2. First support is today's low crossing at 5.13. Second support is psychological support crossing at 5.00.    

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

November soybeans closed up 4 1/4-cents at 8.72 1/2.

November soybeans closed higher on Wednesday. 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 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. 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 $0.60 at 300.10. 

December soybean meal closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 last-Wednesday's high crossing at 306.30 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 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 297.10. Second support is May's low crossing at 291.60.  

December soybean oil closed up 27-pts at 29.06. 

December soybean oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 28.74 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 28.74. Second support is July's low crossing at crossing at 27.87.      

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

October hogs closed down $1.68 at $63.30. 

October hogs closed lower on Wednesday as it extends August's trading range.The low-range close sets the stage for a steady to lower opening when Thursday'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 71.88 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 71.88. 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 $0.23 at 100.23. 

October cattle closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 104.63 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 104.63. 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 $0.90 at $134.55. 

October Feeder cattle closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 higher due to short covering on Wednesday as it consolidates some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 9.63 would confirm that a short-term low has been posted. If September extends the decline off July's high, weekly support crossing at 8.76 is the next downside target.    

September cocoa closed higher on Wednesday 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 Thursday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 22.48 are needed to confirm that a short-term low has been posted. If September resumes the decline off July's high, last-October's low crossing at 20.63 is the next downside target. 

October sugar closed lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. 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 11.76 would confirm that a low has been posted. 

December cotton closed higher on Wednesday. The low-range close sets the stage for a steady to higher opening on Thursday. 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 60.58 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.