KEY EVENTS TO WATCH FOR:

Friday, September 13, 2019  

8:30 AM ET. August Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (expected +0.2%; previous +0.7%)

                       Sales, Ex-Auto, M/M% (expected +0.2%; previous +1.0%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.9%)

8:30 AM ET. August Import & Export Price Indexes

                       Import Prices (expected -0.4%; previous +0.2%)

                       Non-Petroleum Prices (previous +0%)

                       Petroleum Prices (previous +1.9%)

10:00 AM ET. July Manufacturing & Trade: Inventories & Sales

                       Total Inventories (expected +0.3%; previous +0.0%)

10:00 AM ET. September University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (expected 91.0; previous 92.1)

                       Mid-Mo Expectations (previous 82.3)

                       Mid-Mo Current Idx (previous 107.4)

Monday, September 16, 2019  

8:30 AM ET. September Empire State Manufacturing Survey

                       Mfg Idx (previous 4.8)

                       Employment Idx (previous -1.6)

                       New Orders Idx (previous 6.7)

                       Prices Received (previous 4.5)

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The December NASDAQ 100 closed higher on Thursday as it extends the rally off August's low. 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off the August 26^th low, July's high crossing at 8071.75 is the next upside target. Closes below the 20-day moving average crossing at 7723.73 would confirm that a short-term top has been posted. First resistance is today's high crossing at 8002.50. Second resistance is July's high crossing at 8071.75. First support is the 20-day moving average crossing at 7723.73. Second support is the August 26^th low crossing at 7390.00.

The December S&P 500 closed higher on Thursday as it extends the rally off August's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, July's high crossing at 3027.50 is the next upside target. Closes below the 20-day moving average crossing at 2927.22 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3017.50. Second resistance is July's high crossing at 3027.50. First support is the 10-day moving average crossing at 2963.21. Second support is the 20-day moving average crossing at 2927.22.  

The Dow closed higher on Thursday as it extended the rally off August's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off August's low, July's high crossing at 27,398.68. Closes below the 20-day moving average crossing at 26,314.19 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 27,306.73. Second resistance is July's high crossing at 27,398.68. First support is the 10-day moving average crossing at 26,692.22. Second support is the 20-day moving average crossing at 26,314.19.

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December T-bonds closed down 1-02/32's at 159-28.

December T-bonds closed lower on Thursday as it extends the decline off August'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 50-day moving average crossing at 159-08 is the next downside target. Closes above the 20-day moving average crossing at 163-31 is the next upside target. First resistance is the 20-day moving average crossing at 163-31. Second resistance is August's high crossing at 166-25. First support is today's low crossing at 159-19. Second support is the 50-day moving average crossing at 159-08.          

December T-notes closed down 120-pts. At 129.170.

December T-notes closed lower on Thursday as it extends the decline off last-Tuesday's high. Today's close below the 50-day moving average crossing at 129.215 has opened the door for additional weakness and a possible test of the 38% retracement level of the March-September rally crossing at 128.220. 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. Closes above the 20-day moving average crossing at 131.075 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 131.195. Second resistance is weekly resistance crossing at 132.016. First support is today's low crossing at 129.120. Second support is the 38% retracement level of the March-September rally crossing at 128.220.        

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October crude oil closed lower on Thursday as it extended Wednesday's decline. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 54.83 would confirm that a short-term top has been posted. If October extends the rally off August's low, July's high crossing at 60.93 is the next upside target. First resistance is Tuesday's high crossing at 58.76. Second resistance is the July's high crossing at 60.93. First support last-Tuesday's low crossing at 52.84. Second support is August's low crossing at 50.50.   

October heating oil closed lower on Thursday as it extended the decline off Tuesday's high. The mid-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 186.09 would confirm that a short-term top has been posted. If October resumes the rally off September's low, the late-July high crossing at 198.13 is the next upside target. First resistance is Tuesday's high crossing at 196.24. Second resistance is the late-July high crossing at 198.13. First support is September's low crossing at 177.70. Second support is August's low crossing at 175.15. 

October unleaded gas closed lower on Thursday confirming yesterday's key reversal down. 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 bearish signaling that a short-term top might be in or is near. Closes below last-Friday's low crossing at 150.93 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 160.39 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 160.39. Second resistance is the late-July high crossing at 171.47. First support is last-Friday's low crossing at 150.93. Second support is September's low crossing at 144.75. 

October Henry natural gas 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, the 75% retracement level of the March-August decline crossing near 2.763 is the next upside target. Closes below the 20-day moving average crossing at 2.329 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the March-August decline crossing at 2.636. Second resistance is the 75% retracement level of the March-August decline crossing near 2.763. First support is the 10-day moving average crossing at 2.458. Second support is the 20-day moving average crossing at 2.329.        

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The December Dollar posted a key reversal down 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 December renews the rally off June's low, weekly resistance crossing at 99.90 is the next upside target. Closes below last-Thursday's low crossing at 97.58 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 98.90. Second resistance is weekly resistance crossing at 99.90. First support is last-Thursday's low crossing at 97.58. Second support is the 50-day moving average crossing at 97.27.

The December Euro posted a huge key reversal up 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 20-day moving average crossing at 111.49 are needed to confirm that a short-term low has been posted. If December extends the decline off August's high, weekly support crossing at 109.21 is the next downside target. First resistance is the 20-day moving average crossing at 111.49. Second resistance is the 50-day moving average crossing at 112.48. First support is today's low crossing at 110.02. Second support is monthly support crossing at 109.21.

The December British Pound closed higher on Thursday as it consolidates above the 50-day moving average crossing at 1.2355. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 38% retracement level of the February-September decline crossing at 1.2592 is the next upside target. If December renews the decline off June's high, monthly support crossing at 1.1965 is the next downside target. First resistance is Monday's high crossing at 1.2434. Second resistance is the 38% retracement level of the February-September decline crossing at 1.2592. First support is September's low crossing at 1.2008. Second support is monthly support crossing at 1.1965.  

The December Swiss Franc closed higher on Thursday. The mid-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 August's high, the 75% retracement level of the May-August-rally crossing at 1.0114 is the next downside target. Closes above the 20-day moving average crossing at 1.0258 would confirm that a short-term low has been posted. First resistance the 20-day moving average crossing at 1.0258. Second resistance is the August 26th high crossing at 1.0391. First support is today's low crossing at 1.0134. Second support is the 75% retracement level of the May-June-rally crossing at 1.0114.

The December Canadian Dollar 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 75.51 would confirm that a short-term top has been posted. If December extends the rally off last-Tuesday's low, the July 31^st reaction high crossing at 76.37 is the next upside target. First resistance is the July 31^st reaction high crossing at 76.37. Second resistance is July's high crossing at 76.92. First support is the 20-day moving average crossing at 75.51. Second support is last-Tuesday's low crossing at 74.84. 

The December Japanese Yen closed lower on Thursday as it extended the decline off July'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, August's low crossing at 0.0918 is the next downside target. Closes above the 20-day moving average crossing at 0.0945 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0945. Second resistance is July's high crossing at 0.0965. First support is today's low crossing 0.0930. Second support is August's low crossing at 0.0924.  

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October gold closed higher on Thursday as it consolidated some of the decline off last-Wednesday'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off last-Wednesday's high, the 50-day moving average crossing at 1475.60 is the next downside target. If October renews the rally off May's low, the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20 is the next upside target. First resistance is last-Wednesday'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 Tuesday's low crossing at 1486.80. Second support is the 50-day moving average crossing at 1475.60.

December silver closed lower on Thursday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 18.040 are needed to confirm that a short-term top has been posted. If December resumes the rally off May's low, the 75% retracement of the 2016-2018 decline crossing at 19.803 is the next upside target. First resistance is last-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 18.040. Second support is the 50-day moving average crossing at 16.992.          

December copper posted a key reversal up on Thursday and above the 50-day moving average crossing at 263.51 thereby 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 263.51 opens the door for additional gains and a possible test of the reaction high crossing at 273.20. If December renews the decline off July's high, weekly support crossing at 234.12 is the next downside target. First resistance is today's high crossing at 266.80. Second resistance is the reaction high crossing at 273.20. First support is last-Tuesday's low crossing at 248.20. Second support is weekly support crossing at 234.12.  

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December Corn closed up 7 1/2-cents at 3.67 1/2. 

December corn closed higher on Thursday and above the 20-day moving average crossing at 3.66 1/4. The high-range close sets the stage for a steady to higher opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 3.66 1/4 are needed to confirm that a short-term low has been posted. If December extends the decline off July's high, psychological support crossing at 3.50 is the next downside target. First resistance is the 20-day moving average crossing at 3.66 1/4. Second resistance is the August 29^th reaction high crossing at 3.77. First support is Monday's low crossing at 3.52 1/4. Second support is psychological support crossing at 3.50.  

December wheat closed up 6 1/2-cents at 4.84. 

December wheat closed higher on Thursday as it extends the rally off last-Tuesday's low. The high-range close sets 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 last-Tuesday's low, the 50-day moving average crossing at 4.91 1/2 is the next upside target. If December resumes the decline off June's high, May's low crossing at 4.42 1/4 is the next downside target. First resistance is today's high crossing at 4.86. Second resistance is the 50-day moving average crossing at 4.91 1/2 is the next upside target. First support is last-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 5-cents at 3.98 1/2.

December Kansas City wheat closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday 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 reaction high crossing at 4.09 1/2 would open the door for a possible test of the 50-day moving average crossing at 4.29 1/4. If December renews the decline off June's high, weekly support crossing at 3.74 1/4 is the next downside target. First resistance is the reaction high crossing at 4.09 1/2. Second resistance is the 50-day moving average crossing at 4.29 1/4. First support is last-Tuesday's low crossing at 3.81. Second support is weekly support crossing at 3.74 1/4.  

December Minneapolis wheat closed up 5-cents at 5.07 1/4. 

December Minneapolis wheat closed higher on Thursday and above the 20-day moving average crossing at 5.06. 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 5.06 are needed to confirm that a short-term low has been posted. If December resumes the decline off June's high, monthly support crossing at 4.80 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.06. Second resistance is the 50-day moving average crossing at 5.25. First support is last-Tuesday's low crossing at 4.86 1/2. Second support is monthly support crossing at 4.80 1/4.    

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November soybeans closed up 28-1/4 cents at 8.94 3/4.

November soybeans closed sharply higher on Thursday and above the 50-day moving average crossing at 8.84 1/2 confirming that a short-term low has been posted. 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 November extends the rally off Monday's low, the reaction high crossing at 9.24 is the next upside target. If November renews 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 August's high crossing at 8.96 3/4. Second resistance is the reaction high crossing at 9.24. 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 up $5.90 at 300.60. 

December soybean meal 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 the 50-day moving average crossing at 304.50 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 291.60 is the next downside target. First resistance is the 50-day moving average crossing at 304.50. Second resistance is the reaction high crossing at 306.30. First support is Monday's low crossing at 292.00. Second support is May's low crossing at 291.60.   

December soybean oil closed up 29-pt. at 29.12. 

December soybean oil closed higher on Thursday. The high-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. Closes above last-Wednesday's high crossing at 29.14 would confirm that a short-term low has been posted. If December renews the decline off August's high, August's low crossing at 27.88 is the next downside target. 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 $3.00 at $63.18. 

October hogs closed limit up 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 bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, August's low crossing at 59.30 is the next downside target. Closes above the 50-day moving average crossing at 68.83 is the next upside target. First resistance is last-Thursday's high crossing at 68.00. Second resistance is the 50-day moving average crossing at 68.83. First support is August's low crossing at 59.30. Second support the July-2018 low crossing at 58.20.  

October cattle closed up $0.23 at 98.73. 

October cattle closed higher on Thursday as it extended the rally off Monday's low. The mid-range close sets the stage for a steady to higher opening on Friday. 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 98.64 are needed to confirm that a short-term low has been posted. If October renews the decline off July's high, weekly support crossing at 83.42 is the next downside target. First resistance is the 20-day moving average crossing at 98.64. Second resistance is the August 26th high crossing at 101.68. First support is Monday's low crossing at 93.40. Second support is weekly support crossing at 83.42. 

October Feeder cattle closed up $0.48 at $134.50. 

October Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to higher signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 137.22 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 the 50-day moving average crossing at 137.22. 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 Thursday and above the 50-day moving average crossing at 10.52. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 50% retracement level of the July-August-decline crossing at 10.64 is the next upside target. Closes below the 20-day moving average crossing at 8.74 would confirm that a short-term top has been posted.     

December cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off August's low, the 50-day moving average crossing at 23.50 is the next upside target. Closes below the 20-day moving average crossing at 20.40 would confirm that a short-term top has been posted. 

October sugar closed lower on Thursday as it extends the decline off April's high. 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 10.12 is the next downside target. Closes above the 20-day moving average crossing at 11.23 would confirm that a low has been posted. 

December cotton closed sharply higher on Thursday and above the 50-day moving average crossing at 61.06 confirming that a seasonal low appears to have been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, the 38% retracement level of the April-August-decline crossing at 64.62 is the next upside target.