KEY EVENTS TO WATCH FOR:

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 lower on Thursday on losses for Walgreens Boots, Raytheon Technologies Corp. shares.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 25,266.64 would confirm that a short-term top has been posted. Closes above the June 16th high crossing at 26,611.03 are needed to renew the rally off the June 15th low. 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 25,266.64. Second support is the June 15th low crossing at 24,843.18. 

The September NASDAQ 100 closed higher on Thursday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 Thursday's high crossing at 10,748.00. 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 9644.88.    

The September S&P 500 closed lower on Thursday due to concerns over the rise in coronavirus cases along with bearish economic news. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 3010.35 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 3010.35. Second support is the June 15^th low crossing at 2925.70.

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September T-bonds closed up 1-13/32's at 180-11.

September T-bonds closed sharply higher on Thursday as it extended the rally off June's low. The high-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 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 today's high crossing at 180-18. Second resistance is the May 15^th high  crossing at 180-28. First support is the 50-day moving average crossing at 177-22. Second support is the June 16^th low crossing at 174-29.

September T-notes closed up 80-pts. At 139.140.

September T-notes closed higher on Thursday while extending the March-July trading range. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading.  Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's high, March's high crossing at 139.250 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 today's high crossing at 139.170. 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.          

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August crude oil closed lower on Thursday while extending the June-July trading range.The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower trading is possible near-term. Closes below the June 25th low crossing at $37.08 would signal that a short-term top has been posted. 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. 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 isthe June 25th low crossing at $37.08. Second support is the 50-day moving average crossing at $34.71. 

August heating oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices is possible near-term. Closes below last-Monday's low crossing at $112.96 would confirm that a short-term top has been posted. 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. 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 last-Monday's low crossing at $112.96. Second support is the 50-day moving  average crossing at $109.17. 

August unleaded gas closed lower on Thursday as it consolidates some of the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 109.16 would confirm that a short-term top has been posted. 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. 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 110.17.  

August Henry natural gas closed lower on Thursday 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 Friday's night 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 10-day moving average crossing at 1.726 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 1.914 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.914. Second resistance is June's high crossing at 1.960. First support is the 10-day moving average crossing at 1.726. Second support is June's low crossing at 1.517. 

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

The September Dollar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to 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 98.11 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 98.11. 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 111.31.

The September British Pound closed slightly higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 16^th high crossing at 1.2694 is the next upside target. Closes below the 50-day moving average crossing at 1.2442 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 lower on Thursday as it extends the June-July trading range. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends 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 30^th low crossing at 1.0513 would confirm a downside breakout of the June-July trading range. First resistance is today's high crossing at 1.0701. Second resistance is the 75% retracement level of the January-March-decline crossing at 1.0759. First support is the June 30^th low crossing at 1.0513. Second support is the 50-day moving average crossing at 1.0465.

The September Canadian Dollar closed lower on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 72.84 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 72.84. 

The September Japanese Yen closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI 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.

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August gold closed lower on Thursday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $1770.70 would 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 $1770.70. Second support is the 50-day moving average crossing at $1745.80.

September silver closed lower on Thursday and below broken resistance that marked the upper boundary of the May-June trading range crossing 19.035. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 18.163 would signal that a short-term top has been posted. First resistance is today's 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 18.163. Second support is the 50-day moving average crossing at 17.466.   

September copper closed higher on Thursday as it extends the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 268.78 would signal that a short-term top has been posted. First resistance is today's high crossing at 287.55. Second resistance is January's high crossing at 290.00. First support is the 20-day moving average crossing at 268.78. Second support is the 50-day moving average crossing at 253.51. 

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

December Corn closed up $0.03 1/2-cents at $3.57 3/4. 

December corn closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night sessions begins trading. Stochastics and the RSI are overbought but are turning 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 $3.39 1/4 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 $3.39 1/4. Second support is June's low crossing at $3.13 1/2.    

December wheat closed up $0.07 1/4-cents at $5.29.  

December wheat closed higher on Thursday as it extends the rally off June's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $5.03 1/4 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at $5.35 3/4. Second resistance is June's high crossing at $5.42 1/4. First support is the 10-day moving average crossing at $5.03 1/4. Second support is June's low crossing at $4.79 1/2.       

December Kansas City Wheat closed unchanged at $4.67 1/2.

December Kansas City wheat closed unchanged on Thursday as it extends the rally off June's low. The low-range close sets the stage for a steady to lower opening when Friday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $4.71 3/4 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 $4.71 3/4. Second resistance is June's high crossing at $4.95. First support is the 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 closed up $0.02-cents at $5.39. 

December Minneapolis wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at $5.37 3/4 confirms that a short-term low has been posted. If December extends this week's rally. The June 18^th high crossing at $5.49 is the next upside target. Closes below the 10-day moving average crossing at $5.29 1/2 would signal that a short-term top has been posted. 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.         

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November soybeans closed up $0.04 1/4-cents at $9.01 1/2.

November soybeans closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $8.81 3/4 would confirm that a short-term top has been posted. 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 $8.81 3/4. Second support is the 50-day moving average crossing at $8.66.

December soybean meal closed up $3.60 at $305.40. 

December soybean meal closed higher on Thursday ending a two-day correction off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $297.30 would confirm that a short-term top has been posted. 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 10-day moving average crossing at $299.30. Second support is the 20-day moving average crossing at $297.30.      

December soybean oil closed down 30-pts. At 28.91. 

December soybean oil closed lower on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 28.25 would signal that a short-term low has been posted. If December extends the aforementioned rally, the 38% retracement level of the December-March-decline crossing at 29.91 is the next upside target. 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 28.25. Second support is the reaction low crossing at 26.54.      

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

August hogs closed up $2.58 at $50.53. 

August hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to  bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $51.16 would confirm that a short-term low has been posted. If August 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 $51.16. Second resistance is the 50-day moving average crossing at $55.29. First support is June's low crossing at $47.52. Second support is weekly support crossing at $44.76.    

August cattle closed up $0.60 at $99.75. 

August cattle closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. 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 $97.35 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 $97.35. Second support is the June 15th low crossing at $93.58.     

August Feeder cattle closed up $0.40-cents at $134.45. 

August Feeder cattle closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, 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 higher on Thursday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 22.37 would confirm that a low has been posted.               

October sugar closed lower on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below 50-day moving average crossing at 11.43 would open the door for additional weakness 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.              

December cotton closed lower on Thursday after spiking above the 62% retracement level of the January-April-decline crossing at 64.27. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends 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 60.67 would signal that a short-term top has been posted.