KEY EVENTS TO WATCH FOR:

Tuesday, October 22, 2019    

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous -3.4%)

                       Chain Store Sales, M/M% (previous +1.6%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -0.2%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +4.1%)

                       Latest Wk, Y/Y% (previous +4.1%)

10:00 AM ET. September Existing Home Sales

                       Existing Sales (previous 5.49M)

                       Existing Sales, M/M% (previous +1.3%)

                       Unsold Homes Month's Supply (previous 4.1)

                       Median Price (USD) (previous 278200)

                       Median Home Price, Y/Y% (previous +4.7%)

10:00 AM ET. October Richmond Fed Business Activity Survey

                       Mfg Idx  (previous -9)

                       Shipments Idx (previous -14)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +10.5M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -0.9M)

                       Distillate Stocks, Net Chg (Bbls) (previous -2.9M)


 

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

The STOCK INDEXES:The December NASDAQ 100 was higher in overnight trading. 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 December extends the rally off October's low, July's high crossing at 8071.75 is the next upside target. Closes below the 50-day moving average crossing at 7774.42 would temper the near-term friendly outlook. First resistance is September's high crossing at 8002.50. Second resistance is July's high crossing at 8071.75. First support is the 50-day moving average crossing at 7774.42. Second support is the October 10^th low crossing at 7583.25.

The December S&P 500 was steady to slightly lower in late-overnight trading. The mid-range overnight trade sets the stage for a steady to lower 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 December extends the rally off October's low, September's high crossing at 3025.30 is the next upside target. Closes below the 50-day moving average crossing at 2950.75 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3008.70. Second resistance is September's high crossing at 3025.30. First support is the 50-day moving average crossing at 2950.75. Second support is the October 10th low crossing at 2883.90. Third support is the October 3^rd low crossing at 2856.00. 

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: December T-bonds were higher overnight. 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 October's high, September 13^th low crossing at 157-17 is the next downside target. Closes above the 50-day moving average crossing at 162-17 would confirm that a short-term low has been posted. First resistance is October's high crossing at 165-07. Second resistance is August's high crossing at 166-25. First support is the overnight low crossing at 159-02. Second support is the September 13^th low crossing at 157-17.

December T-notes were higher overnight as they consolidate some of Monday's loss. 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 October's high, September 13^th low crossing at 128.160 is the next downside target. Closes above the 50-day moving average crossing at 130.210 are needed to confirm that a short-term low has been posted. First resistance is October's high crossing at 132.010. Second resistance is September's high crossing at 132.130. First support is the overnight low crossing at 129.150. Second support is the September 13^th low crossing at 128.160. 

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

November crude 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 55.26 are needed to confirm that a short-term low has been posted. If November renews the decline off September's high, August's low crossing at 50.48 is the next downside target. First resistance is the 50-day moving average crossing at 55.26. Second resistance is the September 19^th high crossing at 59.49. First support is the October 3^rd low crossing at 50.99. Second support is August's low crossing at 50.48.  

November 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off October's low, the September 19^th high crossing at 202.23 is the next upside target. Closes below the 50-day moving average crossing at 190.53 are needed to confirm that a short-term low has been posted. First resistance is the October 11^th high crossing at 197.00. Second resistance is October's high crossing at 202.23. First support is the October 3^rd low crossing at 182.39. Second support is September's low crossing at 178.06.  

November unleaded gas 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 156.70 would confirm that a short-term top has been posted. If November extends the rally off October's low, the September 19^th high crossing at 168.24 is the next upside target.First resistance is the September 19^th high crossing at 168.24. Second resistance is September's high crossing at 175.26. First support is the 50-day moving average crossing at 156.95. Second support is October's low crossing at 151.75.  

November Henry natural gas was steady to slightly lower overnight as it consolidates some of last-Friday's rally. 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 signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 2.386 are needed to confirm that a short-term low has been posted.If November resumes the decline off September's high, August's low crossing at 2.135 is the next downside target. First resistance is the 50-day moving average crossing at 2.386. Second resistance is the September 24^th high crossing at 2.617. First support is the October 11^th low crossing at 2.187. Second support is August's low crossing at 2.135.

CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"

CURRENCIES:The December Dollar was steady to higher overnight as it consolidates some of the decline off October's high. 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 October's high, the 62% retracement level of the June-October-high crossing at 96.63 is the next downside target. Closes above the 20-day moving average crossing at 98.25 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 97.76. Second resistance is the 20-day moving average crossing at 98.25. First support is the 62% retracement level of the June-October-high crossing at 96.63. Second support is the 75% retracement level of the June-October-high crossing at 96.06.  

The December Euro was lower overnight as it consolidates some of the rally off October's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 50% retracement level of the June-October-decline crossing at 112.48 is the next downside target. Closes below the 20-day moving average crossing at 110.61 would confirm that a short-term top has been posted. First resistance is the the 50% retracement level of the June-October-decline crossing at 112.48. Second resistance is the 62% retracement level of the June-October-decline crossing at 113.22. First support is the 10-day moving average crossing at 111.18. Second support is the 20-day moving average crossing at 110.61.    

The December British Pound was steady to slightly lower overnight.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. If December extends the rally off October's low, the 75% retracement level of the February-September-decline crossing at 1.3161 is the next upside target. Closes below the 20-day moving average crossing at 1.2546 are needed to confirm that a short-term low has been posted. First resistance is the 62% retracement level of the February-September-decline crossing at 1.2958. Second resistance is  the 75% retracement level of the February-September-decline crossing at 1.3161. First support is the 10-day moving average crossing at 1.2756. Second support is the 20-day moving average crossing at 1.2546.

The December Swiss Franc was lower overnight as it consolidates some of the rally off last-Tuesday'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 October's low, the September 24^th high crossing at 1.0230 is the next upside target. Closes below the 20-day moving average crossing at 1.0117 are needed to confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.0205. Second resistance is the September 24^th high crossing at 1.0230. First support is last-Tuesday's low crossing at 1.0050. Second support is October's low crossing at 1.0029.

The December Canadian Dollar was lower overnight as it consolidates some of the rally off October'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 October's low, the 87% retracement level of the July-September decline crossing at 76.68 is the next upside target. Closes below the 20-day moving average crossing at 75.59 would confirm that a short-term top has been posted.First resistance is the 75% retracement level of the July-September decline crossing at 76.42. Second resistance is the 87% retracement level of the July-September decline crossing at 76.68. First support is the 10-day moving average crossing at 75.85. Second support is the 20-day moving average crossing at 75.59.  

The December Japanese Yen was steady to slightly higher overnight. 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 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, May's low crossing at 0.0919 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0930 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0930. Second resistance is the 50-day moving average crossing at 0.0937. First support is last-Thursday's low crossing at 0.0921. Second support is May's low crossing at 0.0919.

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

PRECIOUS METALS: December gold was steady to slightly higher overnight while extending the August-October trading range. Stochastics and the RSI are neutral to bearish signaling that sideways to lower trading is possible near-term. If December resumes the decline off September's high, the 38% retracement level of the May-September rally crossing at 1459.80 is the next downside target. If December renews the rally off the October 1^st low, the reaction high crossing at 1543.30 is the next upside target. First resistance is the reaction high crossing at 1543.30. Second resistance is September's high crossing at 1566.20. First support is the 38% retracement level of the May-September rally crossing at 1459.80. Second support is the 50% retracement level of the May-September rally crossing at 1426.60.

December silver was higher overnight as it extends the trading range of the past three-weeks. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the October 9th high crossing at 18.000 are needed to confirm that a short-term low has been posted. If December resumes the decline off September's high, the 62% retracement level of the June-September-rally crossing at 16.547 is the next downside target.First resistance is the September 24^th high crossing at 18.810. Second resistance is September's high crossing at 19.750. First support is the 62% retracement level of the June-September-rally crossing at 16.547. Second support is the 75% retracement level of the June-September-rally crossing at 15.859.

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. If December extends the rally off October's low, September's high crossing at 270.65 is the next upside target. Closes below last-Wednesday's low crossing at 257.30 would confirm that a short-term top has been posted. First resistance is September's high crossing at 270.65. Second resistance is July's high crossing at 280.50. First support is the October 1^st low crossing at 251.50. Second support is September's low crossing at 248.20.    

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

December corn was higher overnight as harvest progress reported after the close on Monday was pegged at 30% complete compared with pre-report expectations of 34% completed.The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3.87 3/4 would temper the near-term friendly outlook. If December extends the rally off September's low, the 50% retracement level of the June-September-decline crossing at 4.12 3/4 is the next upside target. First resistance is the 38% retracement level of the June-September-decline crossing at 3.98 1/2. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.12 3/4. First support is the 20-day moving average crossing at 3.87 3/4. Second support is the September 26^th low crossing at 3.68 1/4.      

December wheat was higher overnight as it extends the rally off September's low. 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 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 75% retracement level of the June-September-decline crossing at 5.37 is the next upside target. Closes below the 20-day moving average crossing at 5.02 1/4 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 5.35. Second resistance is the 75% retracement level of the June-September-decline crossing at 5.37. First support is the 10-day moving average crossing at 5.14 1/2. Second support is the 20-day moving average crossing at 5.02 1/4.   

December Kansas City Wheat closed down 8 1/4-cents at 4.25 1/2.

December Kansas City wheat posted a key reversal down as it closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday 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 50% retracement level of the June-September-decline crossing at 4.54 is the next upside target. Closes below the 20-day moving average crossing at 4.13 3/4 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-September-declinecrossing at 4.36 1/2. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.54. First support is October's low crossing at 3.98 3/4. Second support is September's low crossing at 3.81. 

December Minneapolis wheat was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Thursday's high, the 50-day moving average crossing at 5.23 1/2 is the next downside target. If December resumes the rally off September's low, the 75% retracement level of the June-September decline crossing at 5.66 1/4 is the next upside target. First resistance is the 75% retracement level of the June-September decline crossing at 5.66 1/4. Second resistance is the 87% retracement level of the June-September decline crossing at 5.79. First support is the overnight low crossing at 5.36 1/4. Second support is the 50-day moving average crossing at 5.23 1/2. 

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

November soybeans were higher in overnight trading as it extends the rally off September's low.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 diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, July's high crossing at 9.48 is the next upside target. Closes below the 20-day moving average crossing at 9.19 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 9.45 1/4. Second resistance is July's high crossing at 9.48. First support is the 10-day moving average crossing at 9.32 1/4. Second support is the 20-day moving average crossing at 9.19.  

December soybean meal was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 62% retracement level of the June-September decline crossing at 319.20 is the next upside target. Closes below the 20-day moving average crossing at 305.00 would confirm that a short-term top has been posted. First resistance is the 50% retracement level crossing at 314.00. Second resistance is the 62% retracement level of the June-September decline crossing at 319.20. First support is the 20-day moving average crossing at 305.00. Second support is the 50-day moving average crossing at 300.60.    

December soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 87% retracement level of the February-September-decline crossing at 31.41 is the next upside target. Closes below the 20-day moving average crossing at 29.79 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the February-September-decline crossing at 30.41. Second resistance is February's high crossing at 32.06. First support is the 20-day moving average crossing at 29.79. Second support is the 50-day moving average crossing at 29.38.  

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

December hogs closed down $0.13 at $67.83. 

December hogs closed lower on Monday as it extends the August-September trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 66.22 would temper the near-term bullish outlook. If December extends the rally off September's low, the 50% retracement level of the April-September-decline crossing at 73.89 is the next upside target. First resistance is the 50% retracement level of the April-September-decline crossing at 73.89. Second resistance is July's high crossing at 79.97. First support is October's low crossing at 63.08. Second support September's low crossing at 57.75.  

December cattle closed up $0.25 at 113.88. 

December cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 75% retracement level of the March-September-decline crossing at 117.71 is the next upside target. Closes below the 20-day moving average crossing at 111.35 would temper the near-term friendly outlook. First resistance is the 62% retracement level of the March-September-decline crossing at 114.25. Second resistance is the 75% retracement level of the March-September-decline crossing at 117.71. First support is the 10-day moving average crossing at 112.83. Second support is the 20-day moving average crossing at 111.35.  

November Feeder cattle closed unchanged at $142.85. 

November Feeder cattle closed unchanged on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 142.80 would signal that a short-term top has been posted. If November extends the rally off September's low, the 62% retracement level of the April-August-decline crossing at 149.26 is the next upside target. First resistance is last-Monday's high crossing at 146.83. Second resistance is the 62% retracement level of the April-August-decline crossing at 149.26. First support is the 20-day moving average crossing at 142.80. Second support is the 50-day moving average crossing at 137.02.      

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

December coffee closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 9.79 is the next upside target. If December extends the decline off September's high, weekly support crossing at 87.60 is the next downside target. 

December cocoa closed lower on Monday as it consolidates some of the rally off August's low. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 23.91 would confirm that a short-term top has been posted. If December renews the rally off August's low, July's high crossing at 26.06 is the next upside target.     

March sugar closed slightly lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, the reaction low crossing at 11.92 is the next downside target. Closes above the 20-day moving average crossing at 12.53 would confirm that a low has been posted.  

December cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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, the 50% retracement level of the April-August-decline crossing at 67.19 is the next upside target. Closes below the 20-day moving average crossing at 62.19 would temper the near-term friendly outlook.