KEY EVENTS TO WATCH FOR:

Wednesday, July 8, 2020  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 758.9)

                       Composite Idx, W/W% (previous  -1.8%)

                       Purchase Idx-SA (previous 308.7)

                       Purchase Idx-SA, W/W% (previous -1.3%)

                       Refinance Idx (previous 3359.2)

                       Refinance Idx, W/W% (previous -2.2%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 533.527M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -7.195M)

                       Gasoline Stocks (Bbl) (previous 256.521M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +1.199M)

                       Distillate Stocks (Bbl) (previous 174.127M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.593M)

                       Refinery Usage (previous 75.5%)

                       Total Prod Supplied (Bbl/day) (previous 17.353M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.995M)

3:00 PM ET. May Consumer Credit

                       Consumer Credit Net Chg (USD) (previous -68.7B)

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

The STOCK INDEXES:The September NASDAQ 100 was higher overnight. The high-range 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 March's low into uncharted territory, upside targets will be hard to project. Closes below last-Monday's low crossing at  9728.75 would confirm that a short-term top has been  posted. First resistance is Tuesday's high crossing at 10694.50. Second resistance is unknown. First support is last-Monday's low crossing at 9728.75. Second support is the 50-day moving average crossing at 9602.02.

The September S&P 500 was steady to slightly higher overnight.The low-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 September extends the rally off June's low the 87% retracement level of the February-March-decline crossing at 3237.65 is the next upside target. Closes below the 50-day moving average crossing at 3009.85 would confirm that a short-term top has been posted. First resistance is June's high crossing at 3216.70. Second resistance is the 87% retracement level of the February-March-decline crossing at 3237.65. First support is the 50-day moving average crossing at 3009.85. Second support is the June 15th low crossing at 2925.70. 

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

INTEREST RATES: September T-bonds were steady to slightly lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher is possible near-term. If September extends the rally off June's low, the May 15^th high crossing at 180-25 is the next upside target. Closes below the 20-day moving average crossing at 177-22 would confirm that a short-term top has been posted. Closes above the April-21^st high crossing at 181-15 or below June's low crossing at 170-30 are needed to confirm a breakout of the April-July trading range. First resistance is last-Tuesday's high crossing at 179-17. Second resistance is the May 15^th high crossing at 180-28. First support is the 20-day moving average crossing at 177-22. Second support is the June 16^th low crossing at 174-29.

September T-notes were steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are   turning neutral to bullish signaling that a short-term top might be in or is near. If September extends the rally off June's low, March's high crossing at 139.250 is the next upside target. Closes below the 50-day moving average crossing at 138.224 would signal that a short-term top has been posted. First resistance is the June 30th high crossing at 139.140. Second resistance is March's high crossing at 139.250. First support is the June 16^th low crossing at 138.070. Second support is June's low crossing at 136.220.  

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

August crude oil was steady to slightly lower in overnight trading as it consolidates below resistance marked by the 50% retracement level of the February-April-decline crossing at $41.25.The mid-range overnight trade sets the stage for a steady 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 August extends the rally off April's low, the 62% retracement level of the February-April-decline crossing at $46.20 is the next upside target. Closes below the June 25^th low crossing at $37.08 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the February-April-decline crossing at $41.25. Second resistance is the 62% retracement level of the February-April-decline crossing at $46.20. First support is the June 25th low crossing at $37.08. Second support is the June 15^th low crossing at $34.66.  

August heating oil was steady to slightly lower overnight as it consolidates some of last-week's rally. 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 becoming overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are still possible near-term. If August extends the rally off April's low, the 38% retracement level of the January-April-decline crossing at $128.27 is the next upside target. Closes below last-Monday's low crossing at $112.96 would confirm that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $108.40. First resistance is Monday's high crossing at $125.83. Second resistance is the 38% retracement level of the February-April-decline crossing at $128.27. First support is last-Monday's low crossing at $112.96. Second support is the 50-day moving average crossing  at $108.40.   

August 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off April's low, the 62% retracement level of the January-March-decline crossing at $141.79 is the next upside target. Closes below last-Monday's low crossing at $111.28 would confirm that a short-term top has been posted. First resistance is June's high crossing at $132.53. Second resistance is the 62%retracement level of the January-March-decline crossing at $141.79. First support is last-Monday's low crossing at $111.28. Second support is the 50-day moving average crossing at $109.18.  

August Henry natural gas was lower overnight as it consolidates some of the rally off June'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 becoming 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 1.924 would open the door for additional short-term gains. Closes below the 10-day moving average crossing at 1.717 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.924. Second resistance is June's high crossing at 1.960. First support is the 10-day moving average crossing at 1.717. Second support is June's low crossing at 1.517.    

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

CURRENCIES:The September Dollar was steady to slightly lower overnight as it extends the June-July trading range. The low-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 September resumes the decline off May's high, March's low crossing at $94.71 is the next downside target. If September  extends the rally off June's low, the 50-day moving average crossing at $98.17 is the next upside target. First resistance is last-Tuesday's high crossing at $97.80. Second resistance is the 50-day moving average crossing at $98.17. First support is the 87% retracement level of March's rally crossing at $95.88. Second support is March's low crossing at $94.71. 

The September Euro was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off May's low, the 87% retracement level of March's decline crossing at $114.58 is the next upside target. If September renews the decline off June's high, the 50-day moving average crossing at $111.21 is the next downside target. First resistance is the June 10th high crossing at $114.47. Second resistance is the 87% retracement level of March's decline crossing at $114.58. First support is June's low crossing at $111.90. Second support is the 50-day moving average crossing at $111.21.

The September British Pound was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends Tuesday's rally, the June 16^th high crossing at 1.2694 is the next upside target. If September renews the decline off June's high, the May 22^nd low crossing at 1.2170 is the next downside target. First resistance is the June 16^th high crossing at 1.2694. Second resistance is the 75% retracement level of the December-March decline crossing at 1.2745. First support is the May 22^nd low crossing at 1.2170. Second support is May's low crossing at 1.2083.

The September Swiss Franc was steady to slightly higher in overnight trading as it extends the June-July trading range. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off April's low, the 75% retracement level of March's decline crossing at 1.0759 is the next upside target. Closes below the June 12^th low crossing at 1.0497 would signal a downside breakout of the June-July trading range. First resistance is the 62% retracement level of March's decline crossing at 1.0659. Second resistance is the 75% retracement level of March's decline crossing at 1.0759. First support is the June 12^th low crossing at 1.0497. Second support is the 50-day moving average crossing at 1.0458.

The September Canadian Dollar was slightly higher overnight. The high-range 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 September extends the rally off last-week's low, the 75% retracement level of the January-March-decline crossing at 74.99 is the next upside target.If September renews the decline off June's high, the 50-day moving average crossing at 72.79 is the next downside target.First resistance is the 75% retracement level of the January-March-decline crossing at 74.99. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.04. First support is June's low crossing at 72.92. Second support is the 50-day moving average crossing  at 72.79.

The September Japanese Yen was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0934 would signal that a short-term low has been posted. If September extends the decline off June's high, June's low crossing at 0.0912 is the next downside target. First resistance is June's high crossing at 0.0944. Second resistance is May's high crossing at 0.0945. First support is last-Wednesday's low crossing at 0.0925. Second support is June's low crossing at 0.0912. 

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

PRECIOUS METALS: August gold was higher overnight as it extends the rally off March'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 August extends the rally off May's low, monthly resistance crossing at $1825.00 is the next upside target. Closes below the 50-day moving average crossing at $1744.20 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at $1816.20. Second resistance is monthly resistance crossing at $1825.00. First support is the 20-day moving average crossing at $1767.50. Second support is the 50-day moving average crossing at $1744.20.  

September silver was higher overnight as it extends the May-July trading range. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off March's low, February's high crossing at $19.125 is the next upside target. Closes below June's low crossing at $17.175 would confirm a downside breakout of the May-July trading range. First resistance is June's high crossing at $19.035. Second resistance is February's high crossing at $19.125. First support is the 50-day moving average crossing at $17.388. Second support is June's low crossing at $17.175. 

September copper was higher overnight as it extends the rally off March'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 September extends the rally off March's low, January's high crossing at 2.9000 is the next upside target. Closes below the 20-day moving average crossing at 2.6792 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2.8120. Second resistance is January's high crossing at 2.9000. First support is the 20-day moving average crossing at 2.6793. Second support is the 50-day moving average crossing at 2.5249. 

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

December corn was lower overnight as it consolidates some of the rally off June's low. The high-range trade sets the stage for a steady to slightly lower opening when the day sessions 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 $3.38 1/2 would signal that a short-term top has been posted. If December extends this week's rally, the 50% retracement level of the July 2019-June 2020 decline crossing at $3.73 is the next upside target. First resistance is last-Friday's high crossing at $3.63. Second resistance is the 50% retracement level of the July 2019-June 2020 decline crossing at $3.73. First support is the 50-day moving average crossing at $3.38 1/2. Second support is June's low crossing at $3.22.      

December wheat was higher overnight. The high-range 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 20-day moving average crossing at $5.02 1/4 are needed to confirm that a short-term low has been posted. If December renews the decline off March's high, psychological support crossing at $4.50 is the next downside target. First resistance is the 20-day moving average crossing at $5.02 1/4. Second resistance is the 50-day moving average crossing at $5.16 1/4. First support is June's low crossing at $4.79 1/2. Second support is psychological support crossing at $4.50.

December Kansas City wheat was higher overnight. The high-range close 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 20-day moving average crossing at $4.55 1/2 would signal that a short-term low has been posted. If December resumes this year's decline, long-term support crossing at $4.12 is the next downside target. First resistance is the 20-day moving average crossing at $4.55 1/2. Second resistance is the 50-day moving average crossing at $4.72 1/4. First support is June's low crossing at $4.37 1/4. Second support is long-term support  crossing at $4.12.       

December Minneapolis wheat was steady to fractionally 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 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 50-day moving average crossing at $5.37 1/2 are needed to renew the rally off May's low. First resistance is the 50-day moving average crossing at $5.37 1/2. Second resistance is the June 18th high crossing at $5.49. First support is June's low crossing at $5.22 1/4. Second support is psychological support crossing at $5.00. 

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

November soybeans were lower overnight as it consolidates some of the rally off April's low. The mid-range trade sets the stage for a steady to lower opening when the day 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. Closes below the 20-day moving average crossing at $8.80 3/4 would confirm that a short-term top has been posted. If November extends the rally off April's low, the 62% retracement level of the October-April decline crossing at $9.25 1/4 is the next upside target. First resistance is the 50% retracement level of the October-April decline crossing at $9.07 1/4. Second resistance is the 62% retracement level of the October-April decline crossing at $9.25 1/4. First support is the 20-day moving average crossing at $8.80 3/4. Second support is the 50-day moving average crossing at $8.64 3/4.      

December soybean meal was lower overnight as it consolidates some of the rally off June's low. The mid-range 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 $295.30 would confirm that a short-term top has been posted. If December extends the aforementioned rally, the 50% retracement level of the 2019-2020-decline crossing at $312.30 is the next upside target. First resistance is the 38% retracement level of the 2019-2020 decline  crossing at $306.50. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $312.30. First support is the 50-day moving average crossing at $295.30 Second support is June's low crossing at $287.50.      

December soybean oil was steady to slightly higher overnight marking a potential upside breakout of the June-July trading range. The high-range 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 April's low, the 38% retracement level of the December-March-decline crossing at 29.91 is the next upside target. Closes below the 50-day moving average crossing at 28.21 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 29.64. Second resistance is the 38% retracement level of the January-March-decline crossing at 29.91. First support is the 50-day moving average crossing at 28.21. Second support is the May 22^nd low crossing at 27.42.