KEY EVENTS TO WATCH FOR:
Friday, September 6, 2019
8:30 AM ET. August U.S. Employment Report
Non-Farm Payrolls (previous +164K)
Unemployment Rate (previous 3.7%)
Avg Hourly Earnings (USD) (previous 27.98)
Avg Hourly Earnings-Net Chg (USD) (previous +0.08)
Avg Hourly Earnings, M/M% (previous +0.29%)
Avg Hourly Earnings, Y/Y% (previous +3.2%)
Overall Workweek (previous 34.3)
Overall Workweek Net Chg (previous -0.1)
Government Payrolls (previous +16K)
Private Payroll (previous +148K)
Participation Rate (previous 63.0%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 856.5K)
Soybeans (Metric Tons) (previous 448.3K)
Wheat (Metric Tons) (previous 661.7K)
10:00 AM ET. 2nd Quarter Quarterly Services
Monday, September 9, 2019
10:00 AM ET. August Employment Trends Index
ETI (previous 110.98)
ETI, Y/Y%
3:00 PM ET. July Consumer Credit
Consumer Credit Net Chg (USD) (previous +14.6B)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The September NASDAQ 100 was higher in overnight trading as it extends Thursday's rally. 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 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, July's high crossing at 8151.75 is the next upside target. Closes below Tuesday's low crossing at 7580.75 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 7892.50. Second resistance is July's high crossing at 8151.75. First support is Tuesday's low crossing at 7580.75. Second support is the August 26th low crossing at 7353.25.
The September S&P 500 was higher overnight as it extends Thursday's rally above the 50-day moving average crossing at 2947.32. 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 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, July's high crossing at 3029.00 is the next upside target. Closes below Tuesday's low crossing at 2986.00 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 2986.00. 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 extends Thursday's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the reaction low crossing at 162-30 is the next downside target. If September renews the rally off July's low, weekly resistance crossing at 170-26 is the next upside target. First resistance is last-Wednesday's high crossing at 167-18. Second resistance is weekly resistance crossing at 170-26. First support is the reaction low crossing at 162-30. Second support is the 50-day moving average crossing at 159-18.
September T-notes were lower overnight as it extends this week's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 129.280 would confirm that a short-term top has been posted. If September renews this year's rally, weekly resistance crossing at 132.016 is the next upside target. First resistance is Tuesday's high crossing at 131.230. Second resistance is weekly resistance crossing at 132.016. First support is the reaction low crossing at 129.280. Second support is the 50-day moving average crossing at 129.005.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
October crude oil 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 diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 56.30 are needed to confirm that a short-term low has been posted while opening the door for additional gains near-term. Closes below Tuesday's low crossing at 52.84 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 Tuesday's low crossing at 52.84. Second support is August's low crossing at 50.50.
October heating oil was lower overnight following Thursday's failure to breakout above resistance marked by the 50-day moving average crossing at 188.79. 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 188.79 would confirm that a short-term low has been posted. Closes below Tuesday's low crossing at 177.70 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 188.79. 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 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 sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 158.28 are needed to confirm that a low has been posted. If October renews the decline off July's high, the January-2019 low crossing at 130.42 is the next downside target. First resistance is last-Thursday's high crossing at 158.28. Second resistance is the 50-day moving average crossing at 161.21. First support is Tuesday's low crossing at 144.75. Second support is the January-2019 low crossing at 130.42.
October Henry natural gas was lower overnight as it consolidates some of the rally off August's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the 50% retracement level of the March-August decline crossing at 2.523 is the next upside target. Closes below the 20-day moving average crossing at 2.240 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 2.468. Second resistance is the 50% retracement level of the March-August decline crossing at 2.523. First support is the 10-day moving average crossing at 2.302. Second support is the 20-day moving average crossing at 2.240.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was slightly higher overnight as it consolidates some of the sell off from Tuesday's high. 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 98.15 would confirm that a short-term top has been posted. If September resumes the rally off August's low, weekly resistance crossing at 99.90 is the next upside target. First resistance is Tuesday's high crossing at 99.33. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 98.15. Second support is the 50-day moving average crossing at 97.54.
The September Euro was lower overnight as it consolidates some of the rally off Tuesday's low. 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 20-day moving average crossing at 111.08 would confirm that a short-term low has 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 111.08. Second resistance is the 50-day moving average crossing at 112.00. First support is Tuesday's low crossing at 109.36. Second support is monthly support crossing at 109.21.
The September British Pound was lower overnight as it consolidates below resistance marked by the 50-day moving average crossing at 1.2340.The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.2340 would confirm that a low has been posted. If September renews this year's decline, monthly support crossing at 1.1877. First resistance is the 50-day moving average crossing at 1.2340. Second resistance is the reaction high crossing at 1.2617. First support is Tuesday's low crossing at 1.1965. Second support is monthly support crossing at 1.1877.
The September Swiss Franc was lower overnight as it extends the decline off August's high. 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 August's high, the 75% retracement level of the May-June rally crossing at 1.0024 is the next downside target. Closes above the 20-day moving average crossing at 1.0219 are needed to confirm that a short-term low has been posted. First resistance is the August 26th high crossing at 1.0314. Second resistance is August's high crossing at 1.0384. First support is Tuesday's low crossing at 1.0083. Second support is August's low crossing at 1.0064.
The September Canadian Dollar was higher overnight. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 75.65 are needed to confirm that a short-term low has been posted.If September renews 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 last-Tuesday's high crossing at 75.65. Second resistance is the 50-day moving average crossing at 75.88. First support is the 75% retracement level of the May-June-rally crossing at 74.68. Second support is the 87% retracement level of the May-June-rally crossing at 74.32.
The September Japanese Yen was slightly lower overnight. Stochastics and the RSI are oversold but remain 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 while opening the door for additional weakness is possible near-term. 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 August'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 50-day moving average crossing at 0.0936. Second support is August's low crossing at 0.0918.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: October gold was lower overnight as it extends Thursday's decline below the 20-day moving average. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1522.30 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If October resumes the rally off May's low, the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20 is the next upside target. First resistance is Tuesday's high crossing at 1559.80. 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 reaction low crossing at 1496.10. Second support is the 50-day moving average crossing at 1469.00.
December silver was lower overnight as it consolidates some of the rally off May's low. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 17.844 would confirm that a short-term top has been posted.If December renews the rally off May's low, the 75% retracement level of the 2016-2018 decline crossing at 19.803 is the next upside target. First resistance is Wednesday's high crossing at 19.750. Second resistance is the 75% retracement level of the 2016-2018 decline crossing at 19.803. First support is the 20-day moving average crossing at 17.844. Second support is the 50-day moving average crossing at 16.772.
December 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 264.12 would open the door for a larger-degree rebound during the first half of September. If December renews the decline off July's high, monthly support crossing at 234.12 is the next downside target. First resistance is the 50-day moving average crossing at 264.12. Second resistance is the July 30th reaction high crossing at 273.20. First support is Tuesday's low crossing at 248.20. Second support is monthly support crossing at 234.12.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was steady to fractionally higher overnight as it consolidates some of this week's decline. 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, psychological support crossing at 3.50 is the next downside target. Closes above the 20-day moving average crossing at 3.72 1/4 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 the 50-day moving average crossing at 4.07. First support is Wednesday's low crossing at 3.56 1/2. Second support is psychological support crossing at 3.50.
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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.72 1/4 are needed to confirm that a short-term low has been posted. If December renews the decline off June's high, May's low crossing at 4.42 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 4.72 1/4. Second resistance is the 50-day moving average crossing at 4.95 3/4. First support is Tuesday's low crossing at 4.50 1/2. Second support is May's low crossing at 4.42 1/4.
December Kansas City Wheat closed up 9 1/4-cents at 3.93 3/4.
December Kansas City wheat closed higher on Thursday as it consolidated some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening when Friday night session begins trading. Stochastics and the RSI are oversold but 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 4.04 are needed to confirm that a short-term low has been posted. If December extends the decline off June's high, weekly support crossing at 3.74 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 4.04. Second resistance is the 50-day moving average crossing at 4.37 1/2. First support is Tuesday's low crossing at 3.81. Second support is weekly support crossing at 3.74 1/4.
December Minneapolis wheat was steady to fractionally 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 bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.10 1/4 are needed to confirm that a short-term low has been posted. If December resumes the decline off June's high, weekly support crossing at 4.80 1/4 is the next downside target. First resistance is the 10-day moving average crossing at 5.02 1/2. Second resistance is the 20-day moving average crossing at 5.10 1/4. First support is Tuesday's low crossing at 4.86 1/2. Second support is weekly support crossing at 4.80 1/4.
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 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 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 the reaction high crossing at 8.82. Second resistance is the reaction high crossing at 8.96 3/4. First support is last-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 higher overnight while extends August'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. If December resumes the decline off June's high, May's low crossing at 291.60 is the next downside target. Closes above the reaction high crossing at 306.30 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 306.30. Second resistance is the 50-day moving average crossing at 306.20. First support is Tuesday's low crossing at 293.70. Second support is May's low crossing at 291.60.
December soybean oil was 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 bearish signaling sideways to lower prices are possible near-term. If December renews the decline off August's high, August's low crossing at 27.88 is the next downside target. Multiple closes above the 20-day moving average crossing at 29.04 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 last-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 down $0.83 at $66.30.
October hogs 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 bullish signaling that sideways to higher prices are possible near-term. If October extends this week's rally, the 50-day moving average crossing at 69.75 is the next upside target. Closes below the 10-day moving average crossing at 64.05 would confirm that a short-term top has been posted. First resistance is today's high crossing at 68.00. Second resistance is the 50-day moving average crossing at 69.75. First support is August's low crossing at 59.30. Second support the July-2018 low crossing at 58.20.
October cattle closed down $1.15 at 97.87.
October cattle closed lower on Thursday as it renewed the decline off July's high. 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 October renews 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 100.27 would confirm that a short-term low has been posted. First resistance is the August 13th gap crossing at 103.75. Second resistance is the 50-day moving average crossing at 105.00. First support is today's low crossing at 97.17. Second support is weekly support crossing at 97.08.
October Feeder cattle closed down $1.10 at $132.33.
October Feeder cattle closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 137.75 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 137.75. 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 as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening on Friday. 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 9.85 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 22.79 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 lower on Thursday as it extends this year's decline. The low-range close set the stage for a steady to lower opening on Friday. 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 June's high, weekly support crossing at 10.80 is the next downside target. Closes above the 20-day moving average crossing at 11.42 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 Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the reaction high crossing at 60.25 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.