KEY EVENTS TO WATCH FOR:

Wednesday, July 15, 2020  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 775.9)

                       Composite Idx, W/W% (previous +2.2%)

                       Purchase Idx-SA (previous 325.2)

                       Purchase Idx-SA, W/W% (previous +5.3%)

                       Refinance Idx (previous 3373.9)

                       Refinance Idx, W/W% (previous +0.4%)

8:30 AM ET. July Empire State Manufacturing Survey

                       Mfg Idx (expected 15.0; previous -0.2)

                       Employment Idx (previous -3.5)

                       New Orders Idx (previous -0.6)

                       Prices Received (previous -0.6)

8:30 AM ET. June Import & Export Price Indexes

                       Import Prices (expected +1.0%; previous +1%)

                       Non-Petroleum Prices (previous +0.1%)

                       Petroleum Prices (previous +21.7%)

9:15 AM ET. June Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (expected +4.0%; previous +1.4%)

                       Capacity Utilization % (expected 67.5%; previous 64.8%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.8)

10:00 AM ET. June Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 539.181M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +5.654M)

                       Gasoline Stocks (Bbl) (previous 251.682M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -4.839M)

                       Distillate Stocks (Bbl) (previous 177.262M)

                       Distillate Stocks, Net Chg (Bbl) (previous +3.135M)

                       Refinery Usage (previous 77.5%)

                       Total Prod Supplied (Bbl/day) (previous 18.12M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.767M)

2:00 PM ET. U.S. Federal Reserve Beige Book

2:00 PM ET. SEC Closed Meeting

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

The Dow closed sharply higher on Tuesday as earning season begins. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the June 16th high crossing at 26,611.03 are needed to renew the rally off the June 15th low. Closes below the 50-day moving average crossing at 25,383.76 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 25,383.76. Second support is the June 15th low crossing at 24,843.18. 

The September NASDAQ 100 closed higher on Tuesday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 10,272.90 would signal that a short-term top has been posted. If September extends the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 11,058.50. Second resistance is unknown. First support is the 20-day moving average crossing at 10,272.90. Second support is the 50-day moving average crossing at 9754.12.    

The September S&P 500 closed higher on Tuesday. 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 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 3033.40 would confirm that a short-term top has been posted. 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 3033.40. Second support is the June 15^th low crossing at 2925.70.

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

September T-bonds closed down 6/32's at 179-31.

September T-bonds closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 177-22 would signal that a short-term top has been posted. If September extends the rally off June's lows, the 75% retracement level of March's decline crossing at 183-23 is the next upside target. First resistance is last-Friday's high crossing at 181-14. Second resistance is the 75% retracement level of March's decline crossing at 183-23. 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 down 25-pts. At 139.095.

September T-notes closed lower on Tuesday while extending the March-July trading range. The low-range close sets the stage for a steady to lower opening when Wednesday'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 138.238 would signal that a short-term top has been posted. If September extends the rally off June's high, March's high crossing at 139.250 is the next upside target. First resistance is last-Friday's high crossing at 139.225. 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 Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 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-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 $35.71. 

August heating oil closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are overbought, diverging 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 $120.74 would signal that a short-term top has been posted. If August renews 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 last-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 20-day moving average crossing at $120.74. Second support is the 50-day moving  average crossing at $111.09. 

August unleaded gas closed slightly lower on Tuesday. 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 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 50-day moving average crossing at 112.87 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 the 20-day moving average crossing  at 123.76. Second support is the 50-day moving average crossing at 112.87.  

August Henry natural gas closed slightly higher on Tuesday as it consolidates some of the decline off last-Tuesday's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.726 would signal that a short-term top has been posted. Closes above the July 7^th high crossing at 1.924 are needed to confirm that a short-term low has been posted. First resistance is the July 7^th high crossing at 1.924. Second resistance is June's high crossing at 1.960. First support is the 20-day moving average crossing at 1.726. Second support is July's low crossing at 1.655. 

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

The September Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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. Closes above the 20-day moving average crossing at 97.01 would signal that a short-term low has been posted. First resistance is the  June 30th high crossing at 97.81. Second resistance is the 50-day moving average crossing at 97.92. 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 Tuesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off April's low, the 87% retracement level of March's decline crossing at 114.58 is the next upside target. Closes below the 20-day moving average crossing at 112.87 would signal that a short-term top has been posted. First resistance is June's high crossing at 114.47. Second resistance is the 87% retracement level of March's decline crossing at 114.58. First support is the 20-day moving average crossing at 112.87. Second support is June's low crossing at 111.89. Third support is the 50-day moving average crossing at 111.54.

The September British Pound closed slightly lower on Tuesday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.2446 would confirm that a short-term top has been posted. If September renews the rally off June's low, the June 16^th high crossing at 1.2694 is the next upside target. 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 slightly higher on Tuesday as it extends the June-July trading range. 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 turning neutral 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 20-day moving average crossing at 1.0597 would confirm that a short-term top has been posted. First resistance is last-Thursday'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 1.0481.

The September Canadian Dollar closed slightly lower on Tuesday.The mid-range close sets the stage for a steady to lower opening when Wednesday'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 extends today's decline, the 50-day moving average crossing at 72.95 is the next downside target. Closes above the June 23^rd high crossing at 74.17 would signal that a short-term low has been posted. 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 50-day moving average crossing at 72.95. Second support is the June 26th low crossing at 72.92.  

The September Japanese Yen closed slightly higher on Tuesday. The mid-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 May's low, June's high crossing at 0.0944 is the next upside target. Closes below the 10-day moving average crossing at 0.0932 would signal that a short-term top has been posted. First resistance is June's high crossing at 0.0944. Second resistance is May's high crossing at 0.0945. First support is July'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 Tuesday. 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 turning 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 $1781.50 would confirm that a short-term top has been posted. First resistance is last-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 $1781.50. Second support is the 50-day moving average crossing at $1751.20.

September silver closed higher on Tuesday 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 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 18.403 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 19.810. Second resistance is last-September's high crossing at 20.020. First support is the 10-day moving average crossing at 18.860. Second support is the 20-day moving average crossing at 18.403.   

September copper closed higher on Tuesday. 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 September extends the rally off March's low, the April-2019 high crossing at 301.65 is the next upside target. Closes below the 20-day moving average crossing at 273.40 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 299.30. Second resistance is the April-2019 high crossing at 301.65. First support is the 10-day moving average crossing at 282.30. Second support is the 20-day moving average crossing at 273.40. 

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

December Corn closed down $0.03 1/4-cents at $3.33 1/4. 

December corn closed lower on Tuesday pressured by a bearish short-term forecast for the Midwest. The low-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, June's low crossing at $3.13 1/2 is the next downside target. Closes above the 10-day moving average crossing at $3.49 1/2 would signal that a short-term low has been posted. First resistance July'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 today's low crossing at $3.33 1/4. Second support is June's low crossing at $3.13 1/2.    

December wheat closed up $0.02 1/4-cents at $5.33 1/2.  

December wheat closed higher on Tuesday. The mid-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 December extends the rally off June's low, the 75% retracement level of the March-June-decline crossing at $5.53 is the next upside target. Closes below the 20-day moving average crossing at $5.06 1/2 are needed to confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $5.42 3/4. Second resistance is the 75% retracement level of the March-June-decline crossing at $5.53. First support is the 50-day moving average crossing at $5.16 3/4. Second support is the 20-day moving average crossing at $5.06 1/2.       

December Kansas City Wheat closed down $0.06 1/4-cents at $4.54 1/2.

December Kansas City wheat closed lower on Tuesday 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 Wednesday night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $4.54 1/2 would temper the near-term friendly outlook. Closes above last-Thursday's high crossing at $4.74 3/4 would open the door for a larger-degree rally near-term. First resistance is the 50-day moving average crossing at $4.69 1/4. Second resistance is June's high crossing at $4.95. First support is the 20-day moving average crossing at $4.54 1/2. Second support is June's low crossing at $4.37 1/4.     

December Minneapolis wheat closed down $0.00 1/2-cents at $5.31 1/2. 

December Minneapolis wheat closed fractionally lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 10-day moving average crossing at $5.31 3/4 would signal that a short-term top has been posted. If December renews the rally off June's low the June 18^th high crossing at $5.49 is the next upside 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 up $0.3 1/4-cents at $8.78 1/2.

November soybeans closed higher on Tuesday as it consolidated some of the decline off July's high. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends Monday's decline, the 50-day moving average crossing at $8.67 3/4 is the next downside target. 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 July'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 50-day moving average crossing at $8.67 3/4. Second support is the June 29^th low crossing at $8.56 3/4.

December soybean meal closed up $0.90 at $292.60. 

December soybean meal posted an inside day with a higher close on Tuesday as it consolidated some of the losses of the past few days. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends Monday's decline June's low crossing at $287.50 is the next downside target. Closes above the 10-day moving average crossing at $300.50 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $300.50. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $306.50. First support is Monday's low at $291.10. Second support is June's low crossing at $287.50.      

December soybean oil closed up 44-pts. At 29.14. 

December soybean oil posted a key reversal up on Tuesday. 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 poised to turn neutral to bullish with additional strength that would signal sideways to higher prices are possible near-term. If December renews 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 28.34 would confirm that a short-term top has been posted. First resistance is last-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 28.34. Second support is June's low crossing at 27.74.      

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

August hogs closed down $1.30 at $49.98. 

August hogs closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 extends the rally off June's low, the 50-day moving average crossing at $54.65 is the next upside target. If August renews the decline off May's high, weekly support crossing at $44.76 is the next downside target. First resistance is the 50-day moving average crossing at $54.65. Second resistance is June's high crossing at $58.03. First support is June's low crossing at $47.52. Second support is weekly support crossing at $44.76.    

August cattle closed down $0.70 at $98.95. 

August cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 $97.79 would signal that a short-term top has been posted. If August resumes 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 $97.79. Second support is the June 15th low crossing at $93.58.     

August Feeder cattle closed down $0.21-cents at $137.03. 

August Feeder cattle closed lower on Tuesday. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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, May's high crossing at $138.80 is the next upside target. Closes below the June 29^th low crossing at $130.45 would confirm that a short-term top has been posted. First resistance is Monday'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 Tuesday. The mid-range close sets the stage for a steady opening on Wednesday. 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 July's high crossing at 10.46 would  open the door for a larger-degree rally near-term.

September cocoa closed lower on Tuesday as it consolidates some of the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 $22.18 would confirm that a short-term low has been posted. If September renews this month's decline, weekly support crossing at 20.89 is the next downside target.                

October sugar closed lower on Tuesday as it extends this month's decline. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below 50-day moving average crossing at 11.48 opens the door for additional weakness near-term. Closes above the 20-day moving average crossing at 11.95 would signal that a short-term low has been posted.             

December cotton closed lower on Tuesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 61.34 would signal that a short-term top has been posted. 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.