KEY EVENTS TO WATCH FOR:

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 September NASDAQ 100 closed sharply higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 7761.32 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 last-Thursday's high, the 75% retracement level of the June-July-rally crossing at 7237.04 is the next downside target. First resistance is the 50-day moving average crossing at 7761.32. 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 sharply higher on Thursday as trade war fears ease. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off the mid-August low, the 50-day moving average crossing at 2947.03 is the next upside target. If September extends last-week's decline, August's low crossing at 2776.30 is the next downside target. First resistance is the 50-day moving average crossing at 2947.03. Second resistance is July's high crossing at 3029.00. First support is the 87% retracement level of the June-July-rally crossing at 2774.78. Second support is June's low crossing at 2337.00.  

The Dow gapped up and closed sharply higher on Thursday Beijing indicated it wasn’t in a rush to respond to the latest round of tariffs imposed by Washington. The high-range close sets the stage for a steady to higher opening when Friday'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 26,585.10 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 today's high crossing at 26,408.84. Second resistance is the 50-day moving average crossing at 26,585.10. 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 17/32's at 166-12.

September T-bonds closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. 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 172-04 is the next upside target. Closes below the 20-day moving average crossing at 163-24 are needed to 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 172-04. First support is the 20-day moving average crossing at 163-24. Second support is the reaction low crossing at 159-23.          

September T-notes closed down 90-pts. At 131.025.

September T-notes closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. 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 132.016 is the next upside target. Closes below the 20-day moving average crossing at 130.119 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 the 20-day moving average crossing at 130.119. Second support is the 50-day moving average crossing at 128.221.        

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October crude oil closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the rally off August's low, the late-July high crossing at 60.93 is the next upside target. If October 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 the reaction high crossing at 57.40. Second resistance is the late-July high crossing at 58.86. First support is August's low crossing at 50.50. Second support is the 75% retracement level of the 2018/2019 rally crossing at 49.99. 

October heating oil closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 189.77 are needed to confirm that a short-term low has been posted. If October 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 189.77. 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 December-2018 low crossing at 165.77. 

October unleaded gas closed slightly lower on Friday. The high-range close sets the stage for a steady to higher opening when Friday'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 last-Wednesday's high crossing at 158.34 are needed to confirm that a short-term low has been posted. If October renews the decline off July's high, the December-2018 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 December-2018 low crossing at 130.42.

October Henry natural gas closed higher on Thursday and above the 50-day moving average crossing at 2.249 confirming that a short-term low has been posted while opening the door for additional gains near-term. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends today's rally, August's high crossing at 2.338 is the next upside target. If October renews the decline off July's high, weekly support crossing at 1.909 is the next downside target. First resistance is August's high crossing at 2.338. Second resistance is July's high crossing at 2.510. First support is August's low crossing at 2.045. Second support is weekly support crossing at 1.909.        

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The September Dollar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 last-Friday's high of 98.46 are needed to renew the rally off August's low. If September extends last-Friday's decline, the 50-day moving average crossing at 97.19 is the next downside target. First resistance is last-Friday's high crossing at 98.46. Second resistance is August's high crossing at 98.70. First support is Monday's low crossing at 97.37. Second support is the 50-day moving average crossing at 97.19.

The September Euro closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 extends the decline off August's high, weekly support crossing at 109.21 is the next downside target. Closes above the 20-day moving average crossing at 111.56 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 112.42. Second resistance is the June high crossing at 114.86. First support is today's low crossing at 110.54. Second support is monthly support crossing at 109.21.

The September British Pound closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, monthly support crossing at 1.2001 is the next downside target. If September extends the rally off August's low, the 50-day moving average crossing at 1.2393 is the next upside target. First resistance is the 50-day moving average crossing at 1.2393. Second resistance is the reaction high crossing at 1.2615. First support is August's low crossing at 1.2033. Second support is monthly support crossing at 1.2001.  

The September Swiss Franc closed lower on Thursday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off August's high, August's low crossing at 1.0064 is the next downside target. Closes above Monday's high crossing at 1.0314 would confirm that a short-term low has been posted. First resistance is August's high crossing at 1.0384. Second resistance is June's high crossing at 1.0392. First support is today's low crossing at 1.0139. Second support is the 62% retracement level of the May-June-rally crossing at 1.0089.

The September Canadian Dollar closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning 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 75.37 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 75.37. Second resistance is the 50-day moving average crossing at 75.94. 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 Thursday. The low-range close sets the stage for a steady to lower opening when Friday’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 0.0936 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 the 62% retracement level of the 2018-2019-decline crossing at 0.0960. Second resistance is the 75% retracement level of the 2018-2019-decline crossing at 0.0972. First support is the 50-day moving average crossing 0.0936. Second support is August's low crossing at 0.0918.  

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October gold closed lower on Thursday.The low-range close sets the stage for a steady to lower opening when Friday'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 1510.10 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 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 1510.10. Second support is the 50-day moving average crossing at 1457.70.

December silver posted a key reversal down on Thursday indicating that a top might be in or is near. The low-range close set the stage for a steady to lower opening when Friday's night session begins trading. 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 of the 2016-2018 decline crossing at 18.853 is the next upside target. Closes below the 20-day moving average crossing at 17.309 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 18.760. Second resistance is the 62% retracement level of the 2016-2018 decline crossing at 18.853. First support is the 20-day moving average crossing at 17.309. Second support is the 50-day moving average crossing at 16.436.          

December copper closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 258.27 would temper the near-term bearish outlook. If September extends the decline off July's high, weekly support crossing at 234.12 is the next downside target. First resistance is the 20-day moving average crossing at 258.27. Second resistance is the 50-day moving average crossing at 265.40. First support is Monday's low crossing at 249.10. Second support is weekly support crossing at 234.12.  

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December Corn closed down a 1/2-cent at 3.70 1/2. 

December corn closed fractionally lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 the August 13^th gap crossing at 3.92 3/4 are needed to confirm that a short-term low has been posted. First resistance is the August 13^th gap crossing at 3.92 3/4. Second resistance is the 50-day moving average crossing at 4.16 1/2. First support is Wednesday's low crossing at 3.64 1/4. Second support is May's low crossing at 3.63 3/4.  

December wheat closed down 2 1/2-cents at 4.72 3/4. 

December wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 4.80 1/4 would 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 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 2 3/4-cents at 4.01 1/2.

December Kansas City wheat closed lower on Thursday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday 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 4.13 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.13 3/4. Second resistance is the 50-day moving average crossing at 4.46. First support is August's low crossing at 3.97 1/2. Second support is weekly support crossing at 3.82.  

December Minneapolis wheat closed down 4-cents at 5.01 1/2. 

December Minneapolis wheat closed lower on Thursday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Friday'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 5.19 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.19 1/2. Second resistance is the reaction high crossing at 5.50 1/2. First support is today's low crossing at 5.01 1/4. Second support is psychological support crossing at 5.00.    

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November soybeans closed up 2 1/2-cents at 8.68 1/4.

November soybeans closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 8.93 3/4 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 50-day moving average crossing at 8.93 3/4. Second resistance is the reaction high crossing at 8.96 3/4. 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 down $1.90 at 297.80. 

December soybean meal closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 reaction high crossing at 306.30 would confirm that a short-term low has been posted. If December extends 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 closed up 12-pts at 28.57. 

December soybean oil closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 August's high, August's low crossing at 27.88 is the next downside target. Closes above the 20-day moving average crossing at 28.97 would temper the near-term bearish outlook. 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 August's low crossing at 27.88. Second support is May's low crossing at crossing at 26.96.      

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October hogs closed up $1.40 at $64.90. 

October hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins 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 64.70 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 64.70. Second resistance is the 50-day moving average crossing at 70.23. First support is last-Friday's low crossing at 59.30. Second support the July-2018 low crossing at 58.20.  

October cattle closed up $0.60 at 99.80. 

October cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 101.91 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 105.46. First support is August's low crossing at 97.78. Second support is weekly support crossing at 97.08. 

October Feeder cattle closed up $0.35 at $131.98. 

October Feeder cattle closed higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 137.88 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 137.88. 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off July's high, weekly support crossing at 8.76 is the next downside target. Closes above the 20-day moving average crossing at 9.79 would confirm that a short-term low has been posted.   

December cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish signaling sideways to lower prices are possible near-term. If December resumes the decline off July's high, last-October's low crossing at 20.83 is the next downside target. Closes above the 20-day moving average crossing at 22.39 are needed to confirm that a short-term low has been posted and would open the door for additional gains near-term.  

October sugar closed lower on Thursday. The low-range close set the stage for a steady to lower opening on Friday. 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 11.55 would confirm that a low has been posted. 

December cotton closed higher on Thursday. 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. Multiple closes above the 20-day moving average crossing at 58.99 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.