KEY EVENTS TO WATCH FOR:

Tuesday, July 21, 2020 

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous -1.2%)

                       Chain Store Sales, M/M% (previous -9.8%)

8:30 AM ET. June CFNAI Chicago Fed National Activity Index

                       NAI (previous 2.61)

                       NAI, 3-mo Moving Avg (previous -6.65)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous +3.0%)

                       Ret Sales Mo-to-Date, Y/Y% (previous -5.5%)

                       Latest Wk, Y/Y% (previous -5.5%)

2:00 PM ET. U.S. Senate Banking Committee votes on Federal Reserve Board nominees

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -8.3M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -3.6M)

                       Distillate Stocks, Net Chg (Bbls) (previous +3.0M)

Wednesday, July 22, 2020  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 815.5)

                       Composite Idx, W/W% (previous +5.1%)

                       Purchase Idx-SA (previous 305.4)

                       Purchase Idx-SA, W/W% (previous -6.1%)

                       Refinance Idx (previous 3774.3)

                       Refinance Idx, W/W% (previous +11.9%)

9:00 AM ET. May U.S. Monthly House Price Index

10:00 AM ET. SEC Open Meeting

10:00 AM ET. June Existing Home Sales

                       Existing Sales (expected 4.55M; previous 3.91M)

                       Existing Sales, M/M% (expected +16.4%; previous -9.7%)

                       Unsold Homes Month's Supply (previous 4.8)

                       Median Price (USD) (previous 284600)

                       Median Home Price, Y/Y% (previous +2.3%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 531.688M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -7.493M)

                       Gasoline Stocks (Bbl) (previous 248.535M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -3.147M)

                       Distillate Stocks (Bbl) (previous 176.809M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.453M)

                       Refinery Usage (previous 78.1%)

                       Total Prod Supplied (Bbl/day) (previous 18.48M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.36M)

2:00 PM ET. SEC Closed Meeting

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"

The STOCK INDEXES:The September NASDAQ 100 was higher overnight as it extends Monday's strong rally. 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 resumes the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 10,466.00 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 11,058.50. Second resistance is unknown. First support is the 20-day moving average crossing at 10,466.00. Second support is the 50-day moving average crossing at 9,932.42.

The September S&P 500 was higher overnight and trading above the 87% retracement level of the February-March-decline crossing at 3237.65 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 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, February's high crossing at 3387.60 is the next upside target. Closes below the 20-day moving average crossing at 3144.05 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3270.00. Second resistance is February's high crossing at 3387.60. First support is the 10-day moving average crossing at 3195.77. Second support is the 20-day moving average crossing at 3144.05. 

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

INTEREST RATES: September T-bonds were lower overnight. 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 177-26 would confirm that a short-term top has been posted. If September resumes the rally off June's low, the 75% retracement level of March's decline crossing at 183-23 is the next upside target. From a broad perspective, 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 the April 21st high crossing at 181-15. Second resistance is the 75% retracement level of March's decline crossing at 183-23. First support is the 20-day moving average crossing at 179-03. Second support is the 50-day moving average  crossing at 177-26.

September T-notes were slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. 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 138.262 would signal that a short-term top has been posted. Closes above March's high crossing at 139.250 or below June's low crossing at 136.220 are needed to confirm a breakout of the March-July trading range. First resistance is the July 7th high crossing at 139.225. Second resistance is March's high crossing at 139.250. First support is the 20-day moving average crossing at 139.060. Second support is the 50-day moving average crossing at 138.262.  

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

August crude oil was higher overnight and trading above the 50% retracement level of the February-April-decline crossing at $41.25.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 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 February-April-decline crossing at $46.20 is the next upside target. Closes below the July 10^th low crossing at $38.54 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 July 10th low crossing at $38.54. Second support is the 50-day moving average crossing at $37.11.  

August heating oil was higher overnight as it renews the rally off April'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August resumes the rally off April's low, the 38% retracement level of the January-April-decline crossing at $128.72 is the next upside target. Closes below the 50-day moving average crossing at $114.06 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at $127.50. Second resistance is the 38% retracement level of the February-April-decline crossing at $128.72. First support is the 20-day moving average crossing  at $121.57. Second support is the 50-day moving average crossing at $114.07.   

August unleaded 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 turning 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 $116.08 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 the 50-day moving average crossing at $116.08. Second support is the June 29^th low crossing at $111.28.  

August Henry natural gas was steady to slightly lower overnight as it extends the decline off July's high. 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 bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off July's high, June's low crossing at 1.517 is the next downside target. Closes above the July 7th high crossing at 1.924 are needed to renew the rally off June's low. First resistance is the 10-day moving average crossing at 1.738. Second resistance is the 50-day moving average crossing at 1.830. First support is Monday's low crossing at 1.605. Second support is June's low crossing at 1.517.    

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

CURRENCIES:The September Dollar was lower overnight as it extends the decline off April's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off the June 30^th high, March's low crossing at $94.71 is the next downside target. Closes above the 20-day moving average crossing at $96.71 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $96.71. Second resistance is the 50-day moving average crossing at $97.51. First support is the overnight low crossing at $95.55. Second support is March's low crossing at $94.71. 

The September Euro was lower overnight as it consolidates some of the rally off April's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, March's high crossing at $115.68 is the next upside target. Closes below the 20-day moving average crossing at $113.33 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 the March high crossing at $115.68. First support is the 20-day moving average crossing at $113.33. Second support is the 50-day moving average crossing at $112.11. 

The September British Pound was higher overnight as it renews 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 rally off June's low, June's high crossing at 1.2819 is the next upside target. Closes below the 50-day moving average crossing at 1.2467 would signal that a short-term top has 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 the 50-day moving average crossing at 1.2467. Second support is June's low crossing at 1.2256.

The September Swiss Franc was higher in overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews 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 last-Thursday's low crossing at 1.0579 would signal that a short-term top has likely been posted. First resistance is the July 9th 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 50-day moving average crossing at 1.0512.

The September Canadian Dollar was higher overnight and poised to breakout to the topside of a six-week old trading range. 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 renews the rally off June's low, the 75% retracement level of the January-March-decline crossing at 74.99 is the next upside target. Closes below the 50-day moving average crossing at 73.22 would confirm that a short-term top has been posted.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 the 50-day moving average crossing at 73.22. Second support is the June 26th low crossing at 72.92.

The September Japanese Yen was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to slightly lower 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 0.0932 would signal that a short-term top has been posted. If September renews the rally off July's low, June's high crossing at 0.0944 is the next upside target. 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"

PRECIOUS METALS: August gold was higher overnight and challenging this month's high crossing at $1829.80. 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 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 $1798.90 are needed to confirm that a short-term top has been posted. First resistance is the July 8th high crossing at $1829.80. Second resistance is monthly resistance crossing at $1832.90. First support is the 20-day moving average crossing at $1798.90. Second support is the 50-day moving average crossing at $1760.80.  

September silver 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 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, weekly resistance marked by the July 2016 high on the weekly continuation chart crossing at 21.225 is the next upside target. Closes below the 20-day moving average crossing at $18.958 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $20.965. Second resistance is the July 2016 high on the weekly continuation chart crossing at 21.225. First support is the 10-day moving average crossing at $19.663. Second support is the 20-day moving average crossing at $18.958. 

September copper was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to slightly 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. If September extends the rally off March's low, the 75% retracement level of the 2018-2020 decline crossing at 3.0598 is the next upside target. Closes below the 20-day moving average crossing at 2.8069 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 2.9930. Second resistance is the 75% retracement level of the 2018-2020 decline crossing at 3.0598. First support is the 20-day moving average crossing at 2.8069. Second support is the 50-day moving average crossing at 2.6232. 

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

December corn was lower overnight as a non-threatening weather forecast for the Midwest is weighing on prices. The low-range trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, June's low crossing at $3.22 is the next downside target. Closes above the 20-day moving average crossing at $3.41 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.41 1/2. Second resistance is July's high crossing at $3.63. First support is last-Wednesday's low crossing at $3.30 1/2. Second support is June's low crossing at $3.22.      

December wheat was lower overnight. The high-range trade sets the stage for a steady to slightly lower opening when the day 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 $5.16 would confirm that a short-term top has been posted. If December renews the rally off June's low, 87% retracement level of the March-June decline crossing at $5.65 is the next upside target. 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 50-day moving average crossing at $5.17 1/2. Second support is the 20-day moving average crossing at $5.16. 

December Kansas City wheat was steady to fractionally lower overnight. The low-range close sets the stage for a steady to lower 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 December extends the decline off July's high, June's low crossing at $4.37 1/4 is the next upside target. Closes above the 50-day moving average crossing at $4.65 would signal that a short-term low has been posted. First resistance is the July 9th high crossing at $4.74 3/4. Second resistance is June's high crossing at $4.95. First support is Monday's low crossing at $4.45. Second support is June's low crossing at $4.37 1/4.         

December Minneapolis wheat was higher due to short covering overnight as it consolidates some of its recent losses. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, weekly support crossing at $5.15 1/2 is the next downside target. If Closes above the 50-day moving average crossing at $5.37 would signal that a short-term low has been posted. First resistance is the July 10^th high crossing at $5.43 1/2. Second resistance is the June 18th high crossing at $5.49. First support is Monday's low crossing at $5.19 1/2. Second support is weekly support crossing at $5.15 1/2.  

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

November soybeans was lower overnight signaling that the five-day rally off off last-Monday's low might be coming to an end. The low-range 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 November extends the rally off last-Monday's low, July's high crossing at $9.12 1/2 is the next upside target. Closes below the 20-day moving average crossing at $8.86 1/4 would signal 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 $8.86 1/4. Second support is the 50-day moving average crossing at $8.72 1/2.      

December soybean meal was lower overnight. The low-range trade sets the stage for a steady to lower 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. If December resumes the decline off July's high, June's low crossing at $287.50 is the next downside target. Closes above the 20-day moving average crossing at $296.90 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $296.90. Second resistance is the 38% retracement level of the 2019-2020 decline crossing at $306.50. First support is last-Wednesday's low crossing at  $290.70 Second support is June's low crossing at $287.50.  

December soybean oil was steady to slightly higher overnight. 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 and 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 29.15 would confirm that a short-term top has been posted. 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. First resistance is Monday's high crossing at 31.06. Second resistance is the 50% retracement level of the January-March-decline crossing at 31.16. First support is the 10-day moving average crossing at 29.55. Second support is the 20-day moving average crossing at 29.15. 

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

August hogs closed down $2.39 at $50.43. 

August hogs closed sharply lower on Monday. The low-range close sets the stage for a steady to lower  opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off May's high, weekly support crossing at $44.76 is the next downside target. Closes above the 50-day moving average crossing at $53.71 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $53.71. 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 $0.73 at $102.55. 

August cattle closed lower on Monday as it consolidated some of this month's rally. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 $108.26 is the next upside target. Closes below the 50-day moving average crossing at $98.39 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 $98.39. Second support is the June 15th low crossing at $93.58.     

August Feeder cattle closed down $0.90-cents at $141.80. 

August Feeder cattle closed lower on Monday as it consolidates some of the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $134.11 would confirm that a short-term top has been posted. First resistance is last-Thursday'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 $138.12. Second support is the 50-day moving average crossing at $134.11.        

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

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

September cocoa closed higher on Monday and above the 20-day moving average crossing at $22.03 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally, the 50-day moving average crossing at 22.97 is the next upside target. If September renews this month's decline, weekly support crossing at 20.89 is the next downside target.                

October sugar closed slightly lower on Monday. The high-range close set the stage for a steady to higher opening on Tuesday. Closes above the 20-day moving average crossing at 11.86 would signal that a short-term low has been posted. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews this month's decline, the reaction low crossing at 10.70 is the next downside target.              

December cotton closed higher on Monday as it consolidates some of the decline off July's high. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 61.90 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.