KEY EVENTS TO WATCH FOR:

Monday, August 26, 2019   

8:30 AM ET. July CFNAI Chicago Fed National Activity Index

                       NAI (previous -0.02)

                       NAI, 3-mo Moving Avg (previous -0.26)

8:30 AM ET. July Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (previous +2.0%)

                       Dur Goods, Ex-Defense, M/M% (previous +3.1%)

                       Dur Goods, Ex-Transport, M/M% (previous +1.2%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.9%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.6%)

10:30 AM ET. August Texas Manufacturing Outlook Survey

                       Business Activity (previous -6.3)

                       Mfg Production Idx (previous 9.3)

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

The STOCK INDEXES:The September NASDAQ 100 rebounded sharply following an overnight low that spiked below the previous reaction low crossing at 7388.25. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last-week's decline, the 75% retracement level of the June-July-rally crossing at 7237.04 is the next downside target. Closes above the 50-day moving average crossing at 7762.69 would open the door for additional gains into early-September. First resistance is the 50-day moving average crossing at 7762.69. Second resistance is July's high crossing at 8151.75. First support is the overnight low crossing at 7353.25. Second support is the 75% retracement level of the June-July-rally crossing at 7237.04.

The September S&P 500 was higher overnight after gaping sharply lower at the beginning of the night session. September tested the 75% retracement level of the June-July-rally crossing at 2774.78 before rebounding higher in late-overnight trading. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off July's high, June's low crossing at 2737.00 is the next downside target. Closes above the 20-day moving average crossing at 2905.05 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 2948.14. Second resistance is July's high crossing at 3029.00. First support is the 75% retracement level of the June-July-rally crossing at 2809.83. 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 higher overnight. Stochastics and the RSI are diverging and have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 162-07 would confirm that a short-term top has been posted. If September extends the rally off July's low, weekly resistance crossing at 170-26 is the next upside target. First resistance is the overnight high crossing at 167-15. Second resistance is weekly resistance crossing at 170-26. First support is the 20-day moving average crossing at 162-07. Second support is the 50-day moving average crossing at 157-26.

September T-notes were slightly higher overnight. Stochastics and the RSI are diverging and are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 129.280 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 the overnight high crossing at 131.195. Second resistance is weekly resistance crossing at 132.016. First support is the 20-day moving average crossing at 129.280. Second support is the 50-day moving average crossing at 128.152. 

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

October crude 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 that a short-term top might be in or is near. If October extends the decline off last-week's high, August's low crossing at 50.50 is the next downside target. Closes above the 50-day moving average crossing at 56.45 would signal that a short-term low 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 overnight low crossing at 52.96. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at 189.76 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 189.76. 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 last-Wednesday's high crossing at 158.34 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 last-Wednesday's high crossing at 158.34. Second resistance is the 50-day moving average crossing at 162.40. 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 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 have turned neutral signaling that sideways prices are possible near-term. If October renews the decline off July's high, monthly support crossing at 1.909 is the next downside target. Closes above the 50-day moving average crossing at 2.254 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2.254. 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 higher overnight as it consolidates some of last-Friday's key reversal down. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last-Friday's sharp decline, the 50-day moving average crossing at 97.10 is the next downside target. If September resumes the rally off August's low, August's high crossing at 98.70 is the next upside target. First resistance is August's high crossing at 98.70. Second resistance is weekly resistance crossing at 99.90. First support is the 50-day moving average crossing at 97.10. Second support is August's low crossing at 96.98.  

The September Euro 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 111.66 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 111.66. Second resistance is the 50-day moving average crossing at 112.55. 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 consolidates some of last-week's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, the 50-day moving average crossing at 1.2417 is the next upside target. If September resumes the decline off June's high, monthly support crossing at 1.2001 is the next downside target. First resistance is last-Friday's high crossing at 1.2307. Second resistance is the 50-day moving average crossing at 1.2417. First support is August's low crossing at 1.2033. Second support is monthly support crossing at 1.2001.  

The September Swiss Franc was sharply lower overnight as it consolidated some of last-Friday's key reversal up. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If September extends the decline off August's high, the 62% retracement level of the May-June rally crossing at 1.0089 is the next downside target. If September extends last-Friday's rally, August's high crossing at 1.0384 is the next upside target. First resistance is August's high crossing at 1.0384. Second resistance is June's high crossing at 1.0392. First support is last-Friday's low crossing at 1.0144. Second support is the 62% retracement level of the May-June rally crossing at 1.0089. 

The September Canadian Dollar was lower overnight. Stochastics and the RSI are diverging 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 75.46 are needed to confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 75.46. Second resistance is the 50-day moving average crossing at 75.92. 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 is working on a downside reversal in overnight trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0942 would confirm that a short-term top has been posted. If September extends 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 the overnight high crossing at 0.0959. 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 0.0942. Second support is the 50-day moving average crossing at 0.0935.

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

PRECIOUS METALS: October gold was higher overnight but well off session highs. Stochastics and the RSI are diverging and are neutral signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1494.80 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 the overnight high crossing at 1558.60. 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 1494.80. Second support is the 50-day moving average crossing at 1446.90.

September silver was higher overnight as it extends the rally off May's low. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 87% retracement level of the 2018 decline crossing at 17.906 is the next upside target. Closes below the 20-day moving average crossing at 16.893 would confirm that a short-term top has been posted.First resistance is the overnight high crossing at 17.775. 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 16.893. Second support is the 50-day moving average crossing at 16.119. 

September copper 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 that sideways to lower prices are possible near-term. If September renews the decline off July's high, monthly support crossing at 234.12 is the next downside target. Closes above the 50-day moving average crossing at 265.44 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 265.44. Second resistance is July's high crossing at 280.30. First support is the overnight low crossing at 249.10. Second support is monthly support crossing at 234.12.     

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

December corn was higher overnight due to short covering following last-week's friendly Pro-Farmer crop estimates. Additional support came from this week's weather forecast, which are calling for below normal temps across the Midwest. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices possible near-term. If December extends the decline off July's high, May's low crossing at 3.63 3/4 is the next downside target. Closes above the August 13th gap crossing at 3.92 3/4 would confirm that a short-term low has been posted. First resistance is the August 13th gap crossing at 3.92 3/4. Second resistance is psychological resistance crossing at 4.00. First support is last-Friday's low crossing at 3.65 1/2. Second support is May's low crossing at 3.63 3/4.     

December wheat 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 hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 4.83 1/4 are needed to confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 4.83 1/4. Second resistance is the 50-day moving average crossing at 5.08 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 up a 1/2-cent at 4.06 3/4.

December Kansas City wheat closed fractionally higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday 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 4.22 are needed to confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 4.04 1/4. Second resistance is the 20-day moving average crossing at 4.22. 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 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 5.24 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.15 3/4. Second resistance is the 20-day moving average crossing at 5.24. First support is last-Friday's low crossing at 5.11 3/4. 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 following last-week's bullish Pro-Farmer crop estimate for soybeans and this week's weather forecast that is calling for seasonally cool temps across much of the Midwest.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 extends 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 the reaction high crossing at 8.96 3/4 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 8.96 3/4. Second resistance is July's high crossing at 9.36 1/2. First support is the overnight low crossing at 8.55. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the reaction 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 the reaction high crossing at 306.30. Second resistance is the 50-day moving average crossing at 311.00. First support is the overnight low crossing at 295.00. 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 sideways to lower prices are possible near-term. If December extends the decline off August's high, August's low crossing at 27.88 is the next downside target. 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 last-Friday's low crossing at 28.53. Second support is August's low crossing at 27.88. 

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

October hogs closed down $3.00 at $59.30. 

October hogs gapped lower and closed limit down on Friday after China announce new tariffs on U.S. pork.The low-range close sets the stage for a steady to lower opening when Monday'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 extends 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 71.24 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 66.38. Second resistance is the 50-day moving average crossing at 71.24. First support is today's low crossing at 59.30. Second support the July-2018 low crossing at 58.20.  

October cattle closed down $1.70 at 99.40. 

October cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning 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 103.66 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 103.66. First support is last-Friday's low crossing at 97.78. Second support is weekly support crossing at 97.08. 

October Feeder cattle closed down $2.95 at $132.52. 

October Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 renews 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 lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 9.55 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 Friday as it consolidates some of the decline off July's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 22.27 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 Friday. The low-range close set the stage for a steady to lower opening on Monday. 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 11.71 would confirm that a low has been posted. If October extends the decline off June's high, weekly support crossing at 10.80 is the next downside target. 

December cotton closed lower on Friday. The low-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this year's decline, monthly support crossing at 54.38 is the next downside target. Closes above the 20-day moving average crossing at 60.00 are needed to confirm that a low has been posted.