KEY EVENTS TO WATCH FOR:

Thursday, August 29, 2019  

8:30 AM ET. 2^nd Quarter 2nd estimate GDP

                       Annual Rate, Q/Q% (expected +2.0%; previous +2.1%)

                       Chain-Weighted Price Idx, Q/Q% (expected +2.4%; previous +2.4%)

                       Corporate Profits, Q/Q% (previous -0.2%)

                       PCE Price Idx, Q/Q% (previous +2.3%)

                       Purchase Price Idx, Q/Q% (previous +2.2%)

                       Real Final Sales, Q/Q% (previous +3.0%)

                       Core PCE Price Idx, Q/Q% (previous +1.8%)

                       Consumer Spending, Q/Q% (previous +4.3%)

8:30 AM ET. 2^nd Quarter Preliminary Corporate Profits

8:30 AM ET. July Advance Economic Indicators Report

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

                       Jobless Claims (expected 215K; previous 209K)

                       Jobless Claims, Net Chg (previous -12K)

                       Continuing Claims (previous 1674000)

                       Continuing Claims, Net Chg (previous -54K)

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

                       Corn (Metric Tons) (previous 420.9K)

                       Soybeans (Metric Tons) (previous 818.5K)

                       Wheat (Metric Tons) (previous 599.5K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Pending Home Sales Index

                       Pending Home Sales (previous 108.3)

                       Pending Home Sales Idx, M/M% (expected -0.6%; previous +2.8%)

                       Pending Home Sales Idx , Y/Y% (previous +1.6%)

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

                       Working Gas In Storage (Cbf) (previous 2797B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +59B)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, August 30, 2019  

8:30 AM ET. July Personal Income & Outlays

                       Personal Income, M/M% (expected +0.3%; previous +0.4%)

                       Consumer Spending, M/M% (expected +0.5%; previous +0.3%)

                       PCE Price Idx, M/M% (previous +0.1%)

                       PCE Price Idx, Y/Y% (previous +1.4%)

                       PCE Core Price Idx, M/M% (expected +0.2%; previous +0.2%)

                       PCE Core Price Idx, Y/Y% (expected +1.6%; previous +1.6%)

9:45 AM ET. August ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (expected 47.8; previous 44.4)

10:00 AM ET. August University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (expected 92.1; previous 98.4)

                       End-Mo Expectations Idx (previous 90.5)

                       12-Month Inflation Forecast (previous 2.6%)

                       5-Year Inflation Forecast (previous 2.5%)

                       End-Mo Current Idx (previous 110.7)

3:00 AM ET. August Agricultural Prices

                       Farm Prices, M/M% (previous +1.0%)

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

The STOCK INDEXES:The September NASDAQ 100 was 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. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low crossing at 7353.25 would open the door for a possible test of the 75% retracement level of the June-July-rally crossing at 7237.04. Closes above the 50-day moving average crossing at 7760.99 would open the door for additional gains into early-September. First resistance is the 50-day moving average crossing at 7760.99. Second resistance is July's high crossing at 8151.75. First support is Monday's 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 as it extends August's broad trading range. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2946.73 are needed to renew the rally off August's low. Closes below the 75% retracement level of the June-July-rally crossing at 2809.83 would open the door for a possible test of August's low crossing at 2776.30. First resistance is the 50-day moving average crossing at 2946.73. 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 lower overnight as it consolidates some of the rally off April'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 July's low, weekly resistance crossing at 170-26 is the next upside target. Closes below the 20-day moving average crossing at 163-24 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 167-18. Second resistance is weekly resistance crossing at 170-26. First support is the 20-day moving average crossing at 163-24. Second support is the 50-day moving average crossing at 158-16.

September T-notes were slightly lower overnight. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally, weekly resistance crossing at 132.016 is the next upside target. Closes below last-Friday's low crossing at 129.280 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 131.195. Second resistance is weekly resistance crossing at 132.016. First support is last-Friday's low crossing at 129.280. Second support is the 50-day moving average crossing at 128.222. 

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. Closes above the 50-day moving average crossing at 56.56 would signal that a short-term low has been posted. Closes below Monday's low crossing at 52.96 would open the door for a possible test of August's low crossing at 50.50. First resistance is the late-July high crossing at 58.86. Second resistance is July's high crossing at 60.93. First support is Monday's 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 189.76 would confirm that a short-term low has been posted. Closes below Monday's low crossing at 179.73 would open the door for a possible test of August's low crossing at 175.15. 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 steady to slightly lower in late-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 neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the 50-day moving average crossing at 162.56 is the next upside target. 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 162.56. 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 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 2.248 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 2.248. 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. 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, August's high crossing at 98.70 is the next upside target. If September turns down, the 50-day moving average crossing at 97.18 is the next downside 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 97.18. Second support is August's low crossing at 96.98.  

The September Euro 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off June's high, monthly support crossing at 109.21 is the next downside target. Closes above the 20-day moving average crossing at 111.57 would signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at 111.57. Second resistance is the 50-day moving average crossing at 112.43. 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. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. If September extends the rally off August's low, the 50-day moving average crossing at 1.2393 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 Tuesday's high crossing at 1.2320. Second resistance is the 50-day moving average crossing at 1.2393. First support is August'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. 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 renews the rally off last-Friday's low, 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 higher overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI are turning 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 Tuesday's high crossing at 75.65 are needed to confirm that a short-term low has been posted.First resistance is Tuesday's high crossing at 75.65. Second resistance is the 50-day moving average crossing at 75.95. 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 50-day moving average crossing at 0.0936 would confirm that a short-term top has been posted. If September renews 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 Monday's 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 reaction low crossing at 0.0937. Second support is the 50-day moving average crossing at 0.0936.

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

PRECIOUS METALS: October gold was steady to slightly lower overnight. Stochastics and the RSI are diverging but remain neutral signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 1510.60 would confirm that a short-term top has been posted. First resistance is Monday's 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 1510.60. Second support is the 50-day moving average crossing at 1457.90.

December silver was higher overnight as it extends the rally off May's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off May's low, the 62% retracement level of the 2016-2018 decline crossing at 18.853 is the next upside target. Closes below the 20-day moving average crossing at 17.321 would confirm that a short-term top has been posted.First resistance is the overnight high crossing at 18.750. Second resistance is the 62% retracement level of the 2016-2018 decline crossing at 18.853. First support is the 10-day moving average crossing at 17.656. Second support is the 20-day moving average crossing at 17.321. 

December 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 bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 258.37 are needed to confirm that a short-term low has been posted. If December renews the decline off July's high, monthly support crossing at 234.12 is the next downside target. First resistance is the 20-day moving average crossing at 258.37. Second resistance is the 50-day moving average crossing at 265.44. First support is Monday's 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 steady to higher overnight as it extends Wednesday's short covering rally. The mid-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 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 bearish hinting 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 4.80 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.80 1/4. Second resistance is the 50-day moving average crossing at 5.04 1/2. 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 a 1/2-cents at 4.04 1/4.

December Kansas City wheat closed fractionally lower on Wednesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher 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 4.15 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.15 1/4. Second resistance is the 50-day moving average crossing at 4.47 3/4. First support is August'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 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, psychological support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.19 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.12 3/4. Second resistance is the 20-day moving average crossing at 5.19 3/4. First support is the overnight low crossing at 5.05. 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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 8.82 are needed to confirm that a short-term low has been posted. 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. First resistance is the reaction high crossing at 8.82. Second resistance is the reaction high crossing at 8.96 3/4. First support is Wednesday's low crossing at 8.52 1/2. Second support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2.

December soybean meal was slightly 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 bullish signaling that sideways to higher 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 309.20. First support is Wednesday's low crossing at 294.40. Second support is May's low crossing at 291.60.   

December soybean oil was 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 oversold but remain 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. Closes above the 20-day moving average crossing at 28.96 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 29.32. Second resistance level is August's high crossing at 30.25. First support is Wednesday's low crossing at 28.22. Second support is August's low crossing at 27.88. 

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

October hogs closed up $0.28 at $63.50. 

October hogs 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 64.84 are needed to confirm that a short-term low has been posted. If October extends the decline off July's high, the July-2018 low crossing at 58.20 is the next downside target. First resistance is the 20-day moving average crossing at 64.84. Second resistance is the 50-day moving average crossing at 70.48. First support is last-Friday's low crossing at 59.30. Second support the July-2018 low crossing at 58.20.  

October cattle closed down $0.58 at 99.20. 

October cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower 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 102.36 would confirm that a short-term low has been posted. If October renews the decline off July's high, weekly support crossing at 97.08 is the next downside target. First resistance is the August 13th gap crossing at 103.75. Second resistance is the 50-day moving average crossing at 105.60. First support is August's low crossing at 97.78. Second support is weekly support crossing at 97.08. 

October Feeder cattle closed down $0.88 at $131.63. 

October Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off July's high, weekly support crossing at 126.09 is the next downside target. Closes above the 50-day moving average crossing at 138.00 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 138.00. Second resistance is July's high crossing at 144.43. First support is August's low crossing at 127.32. Second support is weekly support crossing at 126.09.    

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

December coffee closed higher on Wednesday. The mid-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 9.82 would confirm that a short-term low has been posted. If September resumes the decline off July's high, weekly support crossing at 8.76 is the next downside target.    

December cocoa closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 22.49 are needed to confirm that a short-term low has been posted and would open the door for additional gains near-term. If December resumes the decline off July's high, last-October's low crossing at 20.83 is the next downside target. 

October sugar closed higher on Wednesday as it consolidates some of this year's decline. The high-range close set the stage for a steady to higher 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 11.59 would confirm that a low has been posted. 

December cotton closed higher on Wednesday. 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 that sideways to higher 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 59.16 are needed to confirm that a low has been posted.