KEY EVENTS TO WATCH FOR:

Friday, July 17, 2020 

8:30 AM ET. June New Residential Construction - Housing Starts and Building Permits

                       Total Starts (expected 1.15M; previous 0.974M)

                       Housing Starts, M/M% (expected +18.1%; previous +4.3%)

                       Building Permits (expected 1.28M; previous 1.220M)

                       Building Permits, M/M% (expected +4.9%; previous +14.4%)

10:00 AM ET. June Regional & State Employment & Unemployment

10:00 AM ET. July University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (expected 77.8; previous 78.9)

                       Mid-Mo Expectations (previous 73.1)

                       Mid-Mo Current Idx (previous 87.8)

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

The Dow closed lower on Thursday due weakness in technology stocks and mixed corporate earnings reports and economic data. Additional weakness from Asian markets along with heighten tensions between the U.S and China also added to today's decline. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the June 8th high crossing at 27,580.21 are needed to renew the rally off March's low. Closes below the 50-day moving average crossing at 25,505.74 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 27,071.33. Second resistance is June's high crossing at 27,580.21. First support is the 50-day moving average crossing at 25,505.74. Second support is the June 15th low crossing at 24,843.18.  

The September NASDAQ 100 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 10,339.13 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 10,339.13. Second support is the 50-day moving average crossing at 9824.33.    

The September S&P 500 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 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 20-day moving average crossing at 3121.25 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 3227.20. Second resistance is the 87% retracement level of the February-March-decline crossing at 3237.65. First support is the 20-day moving average crossing at 3121.25. Second support is the 50-day moving average crossing at 3048.46.

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

September T-bonds closed up 12/32's at 180-03.

September T-bonds 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. Closes below the 50-day moving average crossing at 177-24 are needed to confirm 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 177-24. Second support is the June 16^th low crossing at 174-29.

September T-notes closed up 30-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 50-day moving average crossing at 138.248 would signal that a short-term top has been posted. 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 higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 25th low crossing at $37.08 would confirm that a short-term top has been posted. 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 25th low crossing at $37.08. Second support is the 50-day moving average crossing at $36.26. 

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 neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $121.18 would signal that a short-term top has been posted. 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 $121.18. Second support is the 50-day moving  average crossing at $112.24. 

August unleaded gas 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 signaling that sideways trading is 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 114.25 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 124.16. Second support is the 50-day moving average crossing at 114.25.  

August Henry natural gas closed lower on Thursday as it extends the decline off last-Tuesday's high. 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 bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 1.730 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 July's low crossing at 1.655. Second support is June's low crossing at 1.517. 

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

The September Dollar closed higher due to short covering on Thursday as it consolidates some of the decline off June'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 oversold but remain 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 96.91 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 97.77. Second resistance is the June 30th high crossing at 97.81. 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 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, March's high crossing at 115.68 is the next upside target. Closes below the 20-day moving average crossing at 113.00 would signal that a short-term top has been posted. First resistance is the 87% retracement level of March's decline crossing at 114.58. Second resistance is March's high crossing at 115.68. First support is the 10-day moving average crossing at 113.43. Second support is the 20-day moving average crossing at 113.00. 

The September British Pound 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.2450 would confirm that a short-term top has been posted. If September renews the rally off June's low, June's high crossing at 1.2819 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 isthe 50-day moving average crossing at 1.2445. Second support is June's low crossing at 1.2256.  

The September Swiss Franc closed lower on Thursday following yesterday's key reversal down. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 1.0601 would confirm that a short-term top has been posted. If September renews the rally off May's low, the 75% retracement level of the January-March-decline crossing at 1.0759 is the next upside target. 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 1.0491.

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 turning 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. Closes below the 50-day moving average crossing at 73.07 would confirm that a short-term top has been posted. First resistance is the June 23^rd high crossing at 74.17. 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 73.07. Second support is the June 26th low crossing at 72.92.  

The September Japanese Yen 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. If September extends the rally off May's low, June's high crossing at 0.0944 is the next upside target. Closes below the 50-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 lower on Thursday due in part to a rebound in the US Dollar. 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 bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at $1788.40 would confirm that a short-term top has been posted. If August extends the rally off the June 5^th low, monthly resistance crossing at $1832.90 is the next upside target. 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 $1788.40. Second support is the 50-day moving average crossing at $1754.60.

September silver 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 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 18.592 would signal that a short-term top has been posted. First resistance is today's high crossing at 19.870. Second resistance is last-September's high crossing at 20.020. First support is the 10-day moving average crossing at 19.116. Second support is the 20-day moving average crossing at 18.592.   

September copper closed slightly higher on Thursday leaving yesterday's key reversal down unconfirmed. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 276.40 would signal that a short-term top has been posted. If September extends the rally off March's low, the April-2019 high crossing at 301.65 is the next upside target. 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 285.37. Second support is the 20-day moving average crossing at 276.40. 

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

December Corn closed up $0.03 1/2-cents at $3.37 1/2. 

December corn closed higher on Thursday as it consolidates some of this week's decline. The mid-range close sets the stage for a steady to higher opening when Friday's night sessions begins trading. Stochastics and the RSI remain 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 $3.45 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.45 3/4. July's high crossing at 3.63. First support is Wednesday's low crossing at $3.30 1/2. Second support is June's low crossing at $3.13 1/2.    

December wheat closed down $0.12 3/4-cents at $5.41.  

December wheat 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 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 87% retracement level of the March-June-decline crossing at $5.65 is the next upside target. Closes below the 20-day moving average crossing at $5.08 3/4 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the March-June-decline crossing at $5.53. Second resistance is the 87% retracement level of the March-June-decline crossing at $5.65. First support is the 10-day moving average crossing at $5.25 1/2. Second support is the 20-day moving average crossing at $5.10 3/4.       

December Kansas City Wheat closed down $0.10 1/2-cents at $4.60 1/4.

December Kansas City wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday 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 last-Thursday's high crossing at $4.74 3/4 would open the door for a larger-degree rally near-term. Closes below the  20-day moving average crossing at $4.55 1/4 would temper the near-term friendly outlook. First resistance is last-Thursday's high crossing at $4.74 3/4. Second resistance is June's high crossing at $4.95. First support is the 20-day moving average crossing at $4.55 1/4. Second support is June's low crossing at $4.37 1/4.     

December Minneapolis wheat closed down $0.11 1/4-cents at $5.29 1/4. 

December Minneapolis wheat closed sharply 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at $5.32 1/4 signals that a short-term top has been posted while opening the door for additional weakness near-term. 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 $0.08-cents at $8.90 3/4.

November soybeans closed higher for the third day in row on Thursday as it consolidated some of the decline off July'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. Closes above the 10-day moving average crossing at $8.92 are needed to confirm that a short-term low has been posted. If November renews Monday's decline, the 50-day moving average crossing at $8.69 1/2 is the next downside 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 $8.69 1/2. Second support is the June 29^th low crossing at $8.56 3/4.

December soybean meal closed up $1.40 at $294.80. 

December soybean meal closed higher for the third day in a row on Thursday as it consolidated some of the losses of the decline off July's high. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $299.20 are needed to confirm that a short-term low has been posted. If December renews Monday's decline June's low crossing at $287.50 is the next downside target. First resistance is the 10-day moving average crossing at $299.20. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $306.50. First support is Wednesday's low at $290.70. Second support is June's low crossing at $287.50.      

December soybean oil closed up 44-pts. At 29.81. 

December soybean oil closed higher on Thursday as it renewed the rally off April'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off April's low, the 50% retracement level of the December-March-decline crossing at 31.16 is the next upside target. Closes below the 50-day moving average crossing at 28.44 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the December-March-decline crossing at 29.91. Second resistance is the 50% retracement level of the December-March-decline crossing at 31.16. First support is the 50-day moving average crossing at 28.44. Second support is June's low crossing at 27.74.      

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

August hogs closed up $3.53 at $53.68. 

August hogs closed sharply 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 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 $54.16 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 $54.16. 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 up $2.13 at $103.43. 

August cattle closed sharply higher on Thursday confirming yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening on Thursday. 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 75% retracement level of the January-April-decline crossing at $108.26 is the next upside target. Closes below the 50-day moving average crossing at $98.18 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-April-decline crossing at $103.35. Second resistance is the 75% retracement level of the January-April-decline crossing at $108.26. First support is the 50-day moving average crossing at $98.18. Second support is the June 15th low crossing at $93.58.     

August Feeder cattle closed up $3.65-cents at $143.08. 

August Feeder cattle closed sharply higher on Thursday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening when Friday's 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 April's low, the 75% retracement level of the January-April-decline crossing at $144.98 is the next upside target. Closes below the 50-day moving average crossing at $133.85 would confirm that a short-term top has been posted. First resistance is today's high crossing at $143.83. Second resistance is the 75% retracement level of the  January-April-decline crossing at $144.98. First support is the 10-day moving average crossing at $136.85. Second support is July's low crossing at $130.78.        

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

September coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher  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 July's high crossing at 10.46 would open the door for a larger-degree rally near-term.

September cocoa closed higher on Thursday ending a two-day correction. The high-range close sets the stage for a steady to higher opening on Friday. 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 $22.09 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 slightly 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 11.90 would signal that a short-term low has been posted. If October renews this month's decline, the reaction low crossing at 10.70 is the next downside target.              

December cotton closed higher on Thursday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 61.62 would signal that a short-term top has been posted. If December renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target.