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 STOCK INDEXES:The September NASDAQ 100 was lower overnight as it consolidates some of Wednesday's rally. Traders appear cautious after indications that the U.S. Federal Reserve last month wasn’t aggressively looking to cut interest rates in the world’s largest economy. Traders will now look to the key Jackson Hole conference and the speech from Federal Reserve Chairman Jerome Powell on Friday for interest-rate direction from the world’s largest economy. 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 7762.61 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 7762.61. 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 lower overnight as traders take a cautious approach to stocks ahead of Friday's Jackson Hole conference and the speech from Federal Reserve Chairman Jerome Powell for interest-rate direction. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.Stochastics and the RSI are 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 2949.68 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 2949.68. 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 161-04 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 164-03. Second support is the 20-day moving average crossing at 161-04.

September T-notes were steady to slightly higher in quiet trading 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 129.169 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 130.123. Second support is the 20-day moving average crossing at 129.169. 

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

October 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 October resumes the rally off August's low, the late-July high crossing at 58.86 is the next upside target. Closes below the 10-day moving average crossing at 55.41 would signal that a short-term top has been posted. First resistance is the late-July high crossing at 58.86. Second resistance is July's high crossing at 60.93. First support is the 10-day moving average crossing at 55.41. Second support is August's low crossing at 50.50.

October 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 189.87 would confirm that a short-term low has been posted. If October resumes the decline off July's high, the 75% retracement level of the 2018-2019-rally crossing at 164.31 is the next downside target. First resistance is the 50-day moving average crossing at 189.87. Second resistance is the late-July high crossing at 198.13. First support is August's low crossing at 175.15. Second support is the 75% retracement level of the 2018-2019-rally crossing at 164.31. 

October 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 157.05 would confirm that a short-term low has been posted. If October resumes the decline off July's high, the January-2019 low crossing at 130.42 is the next downside target. First resistance is the 20-day moving average crossing at 157.05. Second resistance is the 50-day moving average crossing at 162.47. First support is August's low crossing at 146.09. Second support is the January-2019 low crossing at 130.42.

October Henry natural gas was steady to slightly lower 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 2.263 would confirm that a short-term low has been posted. If October 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 2.263. Second resistance is August's high crossing at 2.338. First support is August's low crossing at 2.045. Second support is monthly support crossing at 1.909.

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

CURRENCIES:The September Dollar was steady to slightly higher overnight. 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 97.81 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 97.81. Second support is August's low crossing at 96.98.  

The September Euro was steady to slightly lower overnight as it extends the trading range of the past four-days. 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 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 111.69 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 111.69. Second resistance is the 50-day moving average crossing at 112.62. 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 slightly higher overnight as it extends this month's trading range. The mid-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 1.2160 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 1.2160. Second resistance is the 50-day moving average crossing at 1.2431 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 steady to slightly lower overnight. 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, the 50% retracement level of the May-June rally crossing at 1.0148 is the next downside target. Closes above the 10-day moving average crossing at 1.0262 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 overnight low crossing at 1.0190. Second support is the 50% retracement level of the May-June rally crossing at 1.0148.

The September Canadian Dollar was steady to slightly higher overnight. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 75.55 are needed to confirm that a short-term low has been posted.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.First resistance is the 20-day moving average crossing at 75.55. 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 higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0939 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 0.0939. 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 1484.40 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 1484.40. Second support is the 50-day moving average crossing at 1439.60.

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 16.788 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 16.788. Second support is the 50-day moving average crossing at 16.017. 

September copper was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off July's high, monthly support crossing at 252.64 is the next downside target. Closes above the 50-day moving average crossing at 265.89 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 265.89. 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 3.97 1/2. First support is Wednesday's low crossing at 3.66 1/4. Second support is May's low crossing at 3.63 3/4.     

December wheat was higher overnight as it consolidates some of the decline off June's high.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, 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 4.85 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.85 3/4. Second resistance is the 50-day moving average crossing at 5.11 3/4. 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 was steady to fractionally higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, psychological support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.26 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.18 1/4. Second resistance is the 50-day moving average crossing at 5.26 3/4. First support is the overnight 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 were higher in overnight trading.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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-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 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 steady to slightly higher overnight while extends this month's trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to 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 312.40. First support is the 87% retracement level of the May-June-rally crossing at 297.40. Second support is May's low crossing at 291.60.   

December soybean oil was higher overnight. The 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 sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at 28.76 would confirm that a short-term top has been posted. 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 28.76. Second support is August's low crossing at 27.88. 

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.