KEY EVENTS TO WATCH FOR:

Thursday, July 9, 2020 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 1388K; previous 1427K)

                       Jobless Claims, Net Chg (previous -55K)

                       Continuing Claims (previous 19290000)

                       Continuing Claims, Net Chg (previous +59K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 623.8K)

                       Soybeans (Metric Tons) (previous 1083.4K)

                       Wheat (Metric Tons) (previous 489.3K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. May Monthly Wholesale Trade

                       Inventories, M/M% (expected -1.2%; previous +0.3%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3077B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +65B)

12:00 PM ET. June Monthly U.S. Retail Chain Store Sales Index

12:00 PM ET. FRB Atlanta President Raphael Bostic speaks on a Tax Policy Center virtual event

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

  N/A              OECD Economic Survey: United States

Friday, July 10, 2020 

8:30 AM ET. June PPI

                       PPI, M/M% (expected +0.4%; previous +0.4%)

                       Ex-Food & Energy PPI, M/M% (expected +0.1%; previous -0.1%)

                       Personal Consumption (previous +0.7%)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

Monday, July 13, 2020  

2:00 PM ET. June Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.

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

The Dow closed higher on Wednesday but well off session highs as investors are concerned over the acceleration of coronavirus infections in the U.S. that could undermine the strength of the economic rebound.The high-range close sets the stage for a steady to higher opening when Thursday'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 June 16th high crossing at 26,611.03 would renew the rally off the June 15th low. Closes below the 50-day moving average crossing at 25,229.92 would confirm that a short-term top has been posted. First resistance is the June 11^th gap crossing at 26,938.05. Second resistance is June's high crossing at 27,580.21. First support is the 50-day moving average crossing at 25,229.92. Second support is the June 15th low crossing at 24,843.18.  

The September NASDAQ 100 closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 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 signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 10,694.50. 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 9602.42.    

The September S&P 500 closed higher on Wednesday as it appears to be treading water due to concerns over the rise in coronavirus cases. The mid-range close sets the stage for a steady opening when Thursday'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 September extends the rally off June's low, the June 8th high crossing at 3216.70 is the next upside target. Closes below the 50-day moving average crossing at 3009.85 is the next downside target. First resistance is the June 8th 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 May 13^th low crossing at 2804.20.

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September T-bonds closed down 7/32's at 178-28.

September T-bonds closed lower on Wednesday while extending the March-July trading range. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins  trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's lows, the May 15^th high crossing at 180-28 is the next upside target. Closes below the June 16th crossing at 174-29 would signal that a short-term top has been posted. 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 closed down 35-pts. At 139.050.

September T-notes closed lower on Wednesday while extending the March-July trading range. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's high, the April 21^st high crossing at 139.160 is the next upside target. Closes below the June 16th low crossing at 138.070 would signal that a short-term top has been posted. First resistance is the April 21^st high crossing at 139.160. Second resistance is March's high crossing at 139.250. First support is the June 16th 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 closed slightly higher on Wednesday while extending the June-July trading range.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher trading is possible near-term. If August renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at $46.20 is the next upside target. Closes below the June 15th low crossing at $34.66 would signal a downside breakout of the June-July trading range. First resistance is the 50% retracement level of the January-April-decline crossing at $41.25. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.20. First support is the June 15^th low crossing at $34.66. Second support is the 50-day moving average crossing at $34.35. 

August heating oil closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices is 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. First resistance is Monday's high crossing at $125.83. Second resistance is the 38% retracement level of the January-April-decline crossing at $128.27. First support is the June 12^th low crossing at $107.80. Second support is the 50-day moving  average crossing at $108.39. 

August unleaded gas closed higher on Wednesday as it extends the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 the reaction low crossing at 109.16 would confirm that a short-term top has been posted. First resistance is June's high crossing at 132.53. Second resistance is 62% retracement level of the January-March-decline 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 109.23.  

August Henry natural gas closed lower on Wednesday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 1.714 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 1.714. Second support is June's low crossing at 1.517. 

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

The September Dollar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes this year's decline, March's low crossing at 94.70 is the next downside target. If September resumes the rally off June's low, the 50-day moving average crossing at 98.16 is the next upside target. First resistance is last-Monday's high crossing at 97.81. Second resistance is the 50-day moving average crossing at 98.16. First support is the 87% retracement level of March's rally crossing at 95.87. Second support is March's low crossing at 94.70. 

The September Euro closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 June 23^rd high crossing at 113.71 would confirm that a short-term low has been posted. If September renews the decline off June's high, the 50-day moving average crossing at 111.22 is the next downside target. First resistance is the June 23^rd high crossing at 113.71. Second resistance is June's high crossing at 113.97. First support is June's low crossing at 111.89. Second support is the 50-day moving average crossing at 111.22.

The September British Pound closed higher on Wednesday. The high-range close sets the stage for a   steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the June 16^th high crossing at 1.2694 is the next upside target. Closes below the 50-day moving average crossing at 1.2439 would confirm that a short-term top has been posted. First resistance is the June 16^th high crossing at 1.2694. Second resistance is June's high crossing at 1.2819. First support is June's low crossing at 1.2256. Second support is the May 22nd low crossing at 1.2161.

The September Swiss Franc closed higher on Wednesday as it extends the June-July trading range. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 May's low, the 75% retracement level of the January-March-decline crossing at 1.0759 is the next upside target. Closes below the June 12^th low crossing at 1.0497 would confirm a downside breakout of the June-July trading range. First resistance is June's high crossing at 1.0695. Second resistance is the 75% retracement level of the January-March-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 closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday'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 June 23^rd high crossing at 74.17 would signal that a short-term low has been posted. If September resumes the decline off June's high, the 50-day moving average crossing at 72.80 is the next downside target.  First resistance is June's high crossing at 75.10. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.04. First support is the June 26 low crossing at 72.92. Second support is the 50-day moving average crossing at 72.80. 

The September Japanese Yen closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI have turned 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 temper the near-term bearish outlook. If September renews 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 ""

August gold closed higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 August extends the rally off the June 5^th low, monthly resistance crossing at $1832.90 is the next upside target. Closes below the 20-day moving average crossing at $1767.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at  $1829.80. Second resistance is monthly resistance crossing at $1832.90. First support is the 20-day moving average crossing at $1767.60. Second support is the 50-day moving average crossing at $1744.20.

September silver closed higher on Wednesday and closed above the upper boundary of the May-June trading range crossing 19.035. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, last-September's high crossing at 20.020 is the next upside target. Closes below the 20-day moving average crossing at 18.135 would signal that a short-term top has been posted. First resistance is today's high crossing at 19.215. Second resistance is last-September's high crossing at 20.020. First support is the 20-day moving average crossing at 18.135. Second support is the 50-day moving average crossing at 17.393.   

September copper closed higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 September extends the rally off March's low, January's high crossing at 290.00 is the next upside target. Closes below the 20-day moving average crossing at 268.02 would signal that a short-term top has been posted. First resistance is today's high crossing at 282.50. Second resistance is January's high crossing at 290.00. First support is the 20-day moving average crossing at 268.02. Second support is the 50-day moving average crossing at 252.53. 

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

December Corn closed up $0.01 1/4-cent at $3.53 3/4. 

December corn closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night sessions begins trading. Stochastics and the RSI are overbought but are turning neutral neutral signaling that sideways to higher prices are possible near-term. If December extends the rally off June's low, the 50% retracement level of the January-June decline crossing at $3.73 is the next upside target. Closes below the 50-day moving average crossing at $3.38 3/4 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 3.63. Second resistance is the 50% retracement level of the January-June decline crossing at $3.73. First support is the 50-day moving average crossing at $3.38 3/4. Second support is June's low crossing at $3.13 1/2.    

December wheat closed up $0.21-cents at $5.23.  

December wheat closed sharply higher on Wednesday and above the 50-day moving average crossing at $5.16 3/4 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday'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 extends the rally off June's low, June's high crossing at $5.42 1/4 is the next upside target. Closes below the 10-day moving average crossing at $4.99 1/2 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at $5.23. Second resistance is June's high crossing at $5.42 1/4. First support is the 10-day moving average crossing at $4.99 1/2. Second support is June's low crossing at $4.79 1/2.       

December Kansas City Wheat closed up $0.14 1/4-cents at $4.67 1/2.

December Kansas City wheat closed higher on Wednesday as it resumed the rally off June's low. The high-range close sets the stage for a steady to higher opening when Thursday 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 $4.72 1/2 would open the door for a larger-degree rally near-term. If December resumes this year's decline, weekly support crossing at $4.12 is the next downside target. First resistance is the 50-day moving average crossing at $4.72 1/2. Second resistance is June's high crossing at $4.95. First support is the 10-day moving average crossing at $4.51 3/4. Second support is June's low crossing at $4.37 1/4.     

December Minneapolis wheat closed up $0.10 1/4-cents at $5.37. 

December Minneapolis wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $5.37 1/2 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 $5.15 1/2 is the next downside target. First resistance is the June 18^th high crossing at $5.49. Second resistance is June's high crossing at $5.54 1/4. First support is June's low crossing at $5.22 1/4. Second support is weekly support crossing at $5.15 1/2.         

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

November soybeans closed down $0.05 3/4-cents at $8.96 3/4.

November soybeans closed lower on Wednesday as it consolidates the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but 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 1/2 would confirm that a short-term top has been posted. If November renews the rally off April's low, the 62% retracement level of the December-April-decline crossing at $9.25 1/4 is the next upside target. First resistance is Monday's high crossing at $9.12 1/2. Second resistance is the 62% retracement level of the December-April-decline crossing at $9.25 1/4. First support is the 20-day moving average crossing at $8.80 1/2. Second support is last-Monday's low crossing at $8.56 3/4.

December soybean meal closed down $1.40 at $301.70. 

December soybean meal closed lower on Wednesday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 the 50-day moving average crossing at $295.30 would confirm that a short-term top has been posted. If December resumes the rally off June's low, 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 closed down 35-pts. At 29.21. 

December soybean oil closed lower on Wednesday as it consolidates some of the rally off April's low.  The low-range close sets the stage for a steady to lower opening when Thursday'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 extends the aforementioned rally, the 38% retracement level of the December-March-decline crossing at 29.91 is the next upside target. Closes above the 50-day moving average crossing at 28.20 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 29.64. Second resistance is the 38% retracement level of the December-March-decline crossing at 29.91. First support is the 50-day moving average crossing at 28.20. Second support is the reaction low crossing at 26.54.      

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

October hogs closed up $0.28 at $48.90. 

October hogs closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $50.28 would confirm that a short-term low has been posted. If October renews the decline off May's high, weekly support crossing at $44.76 is the next downside target. First resistance is the 20-day moving average crossing at $50.28. Second resistance is the 50-day moving average crossing at $52.44. First support is June's low crossing at $46.48. Second support is weekly support crossing at $44.76.    

August cattle closed down $0.73 at $99.28. 

August cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $97.16 would signal that a short-term top has been posted. If August extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at $103.35 is the next upside target. First resistance is the May 8th high crossing at $101.90. Second resistance is the 62% retracement level of the January-April-decline crossing at $103.35. First support is the 50-day moving average crossing at $97.16. Second support is the June 15th low crossing at $93.58.     

August Feeder cattle closed down $1.13-cents at $133.80. 

August Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the rally off June's low, May's high crossing at $138.80 is the next upside target. First resistance is June's high crossing at $136.73. Second resistance is May's high crossing at $138.80. First support is June's low crossing at $128.68. Second support is May's low crossing at $125.30.        

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

September coffee closed slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends Monday's decline, June's low crossing at 94.55. Closes above last-Thursday's high crossing at 10.46 would open the door for a larger-degree rally near-term.

September cocoa closed lower on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, weekly support crossing at 20.89 is the next downside target. Closes above the 20-day moving average crossing at 22.49 would confirm that a low has been posted.               

October sugar closed lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at 12.90 is the next upside target. Closes below 50-day moving average crossing at 11.39 would open the door for additional weakness near-term.             

December cotton closed higher on Wednesday and tested the 62% retracement level of the January-April-decline crossing at 64.27. The high-range close sets the stage for a steady to higher opening on Thursday. 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 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target. Closes below the 20-day moving average crossing at 60.49 would signal that a short-term top has been posted.