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/exchanges/?c=indexes"

The STOCK INDEXES:The September NASDAQ 100 was higher overnight as it extends the rally off March's low. 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 the overnight high crossing at 10714.25. Second resistance is unknown. First support is the 10-day moving average crossing at 10,315.88. Second support is the 20-day moving average crossing at 10,118.61.

The September S&P 500 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 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 3010.35 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 3010.35. 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 higher 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 50-day moving average crossing at 177-21 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 177-21. Second support is the June 16^th low crossing at 174-29.

September T-notes were steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher 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 138.226 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 the 50% retracement level of the February-April-decline crossing at $41.25.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 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 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 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 $109.20. 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 $109.20.   

August unleaded gas 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 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 $110.25.  

August Henry natural gas 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. Closes above the 50-day moving average crossing at 1.915 would open the door for additional short-term gains. Closes below the 10-day moving average crossing at 1.733 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.915. Second resistance is June's high crossing at 1.960. First support is the 10-day moving average crossing at 1.733. 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 higher overnight as it consolidates some of Wednesday's decline. 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 September extends this week's decline, the 87% retracement level of March's rally crossing at $95.88 is the next downside target. If September renews the rally off June's low, the 50-day moving average crossing at $98.11 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 $98.11. 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 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 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 $111.32 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 $111.32.

The September British Pound was higher overnight as it extends the rally off June's low. The high-range overnight trade sets the stage for a steady to higher 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 September extends the aforementioned rally, June's high crossing at 1.2819 is the next upside target. Closes below the 50-day moving average crossing at 1.2443 would signal that a short-term top has likely been posted. First resistance is June's high crossing at 1.2819. Second resistance is the 87% retracement level of the December-March decline crossing at 1.2952. First support is June's low crossing at 1.2256. Second support is the May 22^nd low crossing at 1.2170.

The September Swiss Franc was steady to slightly lower in overnight trading. 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. If September extends 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 30^th low crossing at 1.0513 would signal that a short-term top has likely been posted. First resistance is the overnight high crossing at 1.0701. Second resistance is the 75% retracement level of March's decline crossing at 1.0759. First support is the June 30^th low crossing at 1.0513. Second support is the June 12^th low crossing at 1.0497.

The September Canadian Dollar was steady to 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  neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June'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 72.85 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 72.85.

The September Japanese Yen 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 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 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"

PRECIOUS METALS: August gold 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 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 $1832.90 is the next upside target. Closes below the 20-day moving average crossing at $1771.10 are needed to confirm that a short-term top has been posted. First resistance is Wednesday'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 $1771.10. Second support is the 50-day moving average crossing at $1746.00.  

September silver was higher overnight as it extends Wednesday's upside breakout of 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off March's low, last-September's high crossing at $20.020 is the next upside target. Closes below the 20-day moving average crossing at $18.180 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $19.445. Second resistance is last-September's high crossing at $20.020. First support is the 20-day moving average crossing at $18.180. Second support is the 50-day moving average crossing at $17.473. 

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 2.6893 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2.8755. Second resistance is January's high crossing at 2.9000. First support is the 20-day moving average crossing at 2.6893. Second support is the 50-day moving average crossing at 2.5357. 

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

December corn was higher overnight as it extends Wednesday's upside reversal. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off June's low, the 50% retracement level of the July 2019-June 2020 decline crossing at $3.73 is the next upside target. Closes below the 50-day moving average crossing at $3.39 1/4 would signal that a short-term top has been posted. 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 20-day moving average crossing at $3.44. Second support is the 50-day moving average crossing at $3.39 1/4.      

December wheat was slightly higher overnight. The low-range trade sets the stage for a steady to fractionally 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 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 $5.02 1/2 would confirm that a short-term  top has been posted. First resistance is the overnight high crossing at $5.27 1/2. Second resistance is June's high crossing at $5.42 1/4. First support is the 10-day moving average crossing at $5.02 1/2. Second support is June's low crossing at $4.79 1/2. 

December Kansas City wheat was higher overnight. The mid-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 50-day moving average crossing at $4.71 3/4 would open the door for a larger-degree rally near-term. Closes below the 10-day moving average crossing at $4.53 1/4 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $4.71 3/4. Second resistance is June's high crossing at $4.95. First support isthe 10-day moving average crossing at $4.53 1/4. Second support is June's low crossing at $4.37 1/4.         

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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $5.37 3/4 are needed to confirm that a short-term low has been posted. If December renews the decline off June's high, psychological support crossing at $5.00 is the next downside target. First resistance is the 50-day moving average crossing at $5.37 3/4. 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 higher overnight signaling a possible end to a two-day correction. 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 and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $8.82 would confirm that a short-term top has been posted. 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 $8.82. Second support is the 50-day moving average crossing at $8.66.      

December soybean meal was higher overnight following a two-day correction. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $295.50 would confirm that a short-term top has been posted. If December extends 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 $295.50 Second support is June's low crossing at $287.50.      

December soybean oil was steady to slightly lower overnight as it extends the June-July trading range. The low-range 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 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 28.25 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 28.25. Second support is the May 22^nd low crossing at 27.42. 

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.