KEY EVENTS TO WATCH FOR:

Thursday, July 23, 2020  

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 1300K; previous 1300K)

                       Jobless Claims, Net Chg (previous -10K)

                       Continuing Claims (previous 17338000)

                       Continuing Claims, Net Chg (previous -422K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 1636.5K)

                       Soybeans (Metric Tons) (previous 1080.6K)

                       Wheat (Metric Tons) (previous 764.4K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. June Leading Indicators

                       Leading Index, M/M% (expected +2.1%; previous +2.8%)

                       Leading Index (previous 99.8)

                       Coincident Index, M/M% (previous +1.1%)

                       Lagging Index, M/M% (previous -1.9%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3178B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +45B)

11:00 AM ET. July Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous 2)

                       6-Mo Exp Prod Idx (previous 14)

                       Mfg Composite Idx (previous 1)

                       6-Mo Exp Composite Idx (previous 9)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

Friday, July 24, 2020  

9:45 AM ET. July US Flash Manufacturing PMI

                       PMI, Mfg (expected 52.0; previous 49.6)

9:45 AM ET. July US Flash Services PMI

                       PMI, Services (expected 51.0; previous 46.7)

10:00 AM ET. June New Residential Sales

                       New Home Sales (expected 702K; previous 76K)

                       New Home Sales, M/M% (expected +3.8%; previous +16.6%)

                       New Home Sales Months Supply (previous 5.6)

  N/A              Utah Pioneer Day

Monday, July 27, 2020 

8:30 AM ET. June Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (previous +15.8%)

                       Dur Goods, Ex-Defense, M/M% (previous +15.5%)

                       Dur Goods, Ex-Transport, M/M% (previous +4.0%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +2.3%)

                       Shipments: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.8%)

10:30 AM ET. July Texas Manufacturing Outlook Survey

                       Business Activity (previous -6.1)

                       Mfg Production Idx (previous 13.6)

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

The Dow posted an inside day with a higher close on Wednesdayahead of corporate results from Tesla and Microsoft, but with buying seen in utilities and other sectors viewed as defensive, as tensions between the United States and China are on the rise. Investors remain concerned over the status of Congressional negotiations on another financial aid package for businesses and individuals dealing with the economic damage brought on by the coronavirus pandemic. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 20-day moving average crossing at 26,130.67 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 27,071.33. Second  resistance is June's high crossing at 27,580.21. First support is the 10-day moving average crossing at 26,519.11. Second support is the 20-day moving average crossing at 26,130.67.  

The September NASDAQ 100 closed lower due to profit taking on Wednesday as it consolidates some of Monday's rally. The low-range close sets the stage  for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are diverging but are 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 10,487.25 would signal that a short-term top has been posted. First resistance is Tuesday's   high crossing at 11,058.00. Second resistance is unknown. First support is the 20-day moving average crossing at 10,487.25. Second support is the 50-day moving average crossing at 9959.24.    

The September S&P 500 closed slightly higher on Wednesday as it extends the rally off June's low. 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 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 3143.93 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3270.00. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3143.11. Second support is the 50-day moving average crossing at 3070.26.

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

September T-bonds closed up 8/32's at 180-17.

September T-bonds closed higher on Wednesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing  at 177-29 are needed to confirm that a short-term top has been posted. First resistance is the July 10th 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 177-29. Second support is the June 16^th low crossing at 174-29.

September T-notes closed up 10-pts. At 139.175.

September T-notes closed slightly higher on Wednesday while extending the March-July trading range. 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 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 138.270 would signal that a short-term top has been posted. First resistance is the July 10th high crossing at 139.225. Second resistance is March's high crossing at 139.250. First support is the 50-day moving average crossing at 138.270. Second support is the June 16th low crossing at 138.070.          

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

September crude oil closed above the 50% retracement level of the January-April-December crossing at $41.72 and closed higher on Wednesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher trading is possible near-term. If September extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at $46.38 is the next upside target. Closes below the July 10^th low crossing at $38.77 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at $42.51. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.38. First support is the 50-day moving average crossing at $37.68. Second support is the June 15th low crossing at $35.07. 

September heating oil posted an inside day with a slightly lower close on Wednesday as it consolidated some of Tuesday's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off April's low, the 38% retracement level of the January-April-decline crossing at $131.31 is the next upside target. Closes below the 20-day moving average crossing at $123.28 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the January-April-decline crossing at $131.31. Second resistance is the 50% retracement level of the January-April-decline crossing at $145.38. First support is the 20-day moving average crossing at $123.28. Second support is the 50-day moving average crossing at $116.90. 

September unleaded gas closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off April's low, June's high crossing at 130.90 is the next upside target. Closes below the 50-day moving average crossing at 115.85 would confirm that a short-term top has been posted. First resistance is June's high crossing at 130.90. Second resistance is 62% retracement level of the January-March-decline decline crossing at 142.00. First support is the 50-day moving average crossing at 115.85. Second support is the June 29^th low crossing at 110.99.  

September Henry natural gas closed higher on Wednesday 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 Thursday'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 the decline off July's high, June's low crossing at 1.583. Closes above the 50-day moving average crossing at 1.873 would confirm that a short-term low has been posted. Closes above the July 7^th high crossing at 1.989 are needed to renew the rally off June's low.First resistance is the 50-day moving average crossing at 1.873. Second resistance is the July 7^th high crossing at 1.989. First support is Monday's low crossing at 1.646. Second support is June's low crossing at 1.583. 

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

The September Dollar posted its lowest close since March 8^th on Wednesday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 extends 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 96.57 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 96.02. Second resistance is the 20-day moving average crossing at 96.57. First support is today's low crossing at 94.78. Second support is March's low crossing at 94.70. 

The September Euro closed higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 38% retracement level of the 2018-2020 decline crossing at 117.58 is the next upside target. Closes below the 20-day moving average crossing at 113.50 would signal that a short-term top has been posted. First resistance is today's high crossing at 116.16. Second resistance is the 38% retracement level of the 2018-2020 decline crossing at 117.58. First support is the 10-day moving average crossing at 114.24. Second support is the 20-day moving average crossing at 113.50. 

The September British Pound closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 1.2476 would confirm that a short-term top has been posted. First resistance is June's high crossing at 1.2819. Second resistance is the 75% retracement level of the December-March decline crossing at 1.2952. First support is the 50-day moving average crossing at 1.2476. Second support is June's low crossing at 1.2256.  

The September Swiss Franc closed higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 87% retracement level of the January-March-decline crossing at 1.0850 is the next upside target. Closes below last-Thursday's low crossing at 1.0579 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0784. Second resistance is the 87% retracement level of the January-March-decline crossing at 1.0850. First support is last-Thursday's low crossing at 1.0579. Second support is the 50-day moving average crossing at 1.0523.

The September Canadian Dollar closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are  neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, June's high crossing at 75.10 is the next upside target. Closes below the 50-day moving average crossing at 73.28 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the January-March-decline crossing at 74.98. Second resistance is June's high crossing at 75.10. First support is the 50-day moving average crossing at 73.28. Second support is the June 26th low crossing at 72.92.  

The September Japanese Yen closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’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 0.0932 would signal that a short-term top has been posted. If September renews the rally off June'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 ""

August gold posted its sharply higher on Wednesday as it extends this year's rally after the U.S. had ordered China to close its Houston consulate. Tensions between the two countries are a factor behind the rising demand for haven assets such as gold. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off the June 5^th low, the all-time high price crossing at $1923.70 is the next upside target. Closes below the 20-day moving average crossing at $1803.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1871.20. Second resistance is monthly resistance crossing at $1923.70. First support is the 20-day moving average crossing at $1803.80. Second support is the 50-day moving average crossing at $1764.20.

September silver closed sharply higher on Wednesday as it ended at its highest since 2013 due to heightened tensions between China and the U.S.. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 38% retracement level of the 2011-2020 decline crossing at 26.220 is the next upside target. Closes below the 20-day moving average crossing at 19.243 would signal that a short-term top has been posted. First resistance is today's high crossing at 23.350. Second resistance is the 38% retracement level of the 2011-2020 decline crossing at 26.220. First support is the 10-day moving average crossing at 20.145. Second support is the 20-day moving average crossing at 19.243.   

September copper posted a key reversal down on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 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 282.12 would signal that a short-term top has been posted. First resistance is last-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 290.92. Second support is the 20-day moving average crossing at 282.13. 

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

December Corn closed up $0.04-cents at $3.34 3/4. 

December corn posted an inside day with a higher close on Wednesday 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 Thursday's night sessions 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 the aforementioned decline, June's low crossing at $3.13 1/2 is the next downside target. Closes above the 20-day moving average crossing at $3.41 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.41 1/4. July's high crossing at 3.63. First support is Tuesday's low crossing at $3.30. Second support is June's low crossing at $3.13 1/2.    

December wheat closed up $0.05 1/2-cents at $5.39 1/4.  

December wheat closed higher on Wednesday 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 when Thursday'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 $5.18 1/4 are needed to confirm that a short-term top has been posted. If December renews the rally off June's low, the 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 20-day moving average crossing at $5.18 1/4. Second support is July's low crossing at $4.96.       

December Kansas City Wheat closed up $0.05 1/2-cents at $4.59 1/4.

December Kansas City wheat closed higher on Wednesday as it consolidated some of decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Thursday 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 $4.37 1/4 is the next downside target. Closes above the July 9th high crossing at $4.74 3/4 would open the door for a larger-degree rally near-term.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 $4.43 1/2. Second support is June's low crossing at $4.37 1/4.     

December Minneapolis wheat closed up $0.03 1/4-cents at $5.28 1/4.

December Minneapolis wheat closed higher on Wednesday as it consolidated some of the decline off July's high. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $5.36 3/4 would signal that a short-term low has been posted. If December renews the aforementioned decline, weekly support crossing at $5.15 1/2 is the next downside target. First resistance July's high crossing at $5.43 1/2. Second resistance is the June 18^th 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 closed up $0.02 1/2-cents at $8.95 1/2.

November soybeans closed higher on Wednesday as it consolidated some of the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. If November renews the decline off July's high, the 50-day moving average crossing at $8.73 1/4 is the next downside target. If November extends the rally off last-Monday's low crossing at $8.71 1/2, July's high crossing at $9.12 1/2 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 $8.73 1/4. Second support is the June 29^th low crossing at $8.56 3/4.

December soybean meal closed up $1.10 at $294.40. 

December soybean meal posted an inside day with a higher close on Wednesday. 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 turning 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 $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 at $290.70. Second support is June's low crossing at $287.50.      

December soybean oil closed down 18-pts. At 30.50. 

December soybean oil posted a key reversal down as it closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 29.24 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 December-March-decline crossing at 31.16. First support is the 20-day moving average crossing at 29.24. Second support is the 50-day moving average crossing at 28.72.      

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

August hogs closed up $1.00 at $52.48. 

August hogs gapped up and closed higher on Thursday. 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 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 $53.40 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $53.40. 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 $0.13 at $101.73. 

August cattle closed lower on Wednesday as it consolidated some of this month's rally. The high-range close sets the stage for a steady to higher opening on Thursday. 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 $98.50 would signal that a short-term top has been posted. 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. 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 $98.50. Second support is the June 15th low crossing at $93.58.     

August Feeder cattle closed up $0.45-cents at $141.78. 

August Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 20-day moving average crossing at $136.72 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 $139.50. Second support is the 20-day moving average crossing at $136.72.        

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

September coffee closed sharply higher on Wednesday and above the previous high crossing at 10.46 signaling that the short-term trend has turned higher. 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 September extends today's rally, June's high crossing at 11.42 is the next upside target. Closes below the July 15 low crossing at 96.30 would confirm that a short-term top. 

September cocoa closed higher on Wednesday. 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 September extends the rally off July's low, the 50-day moving average crossing at 22.88 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 higher on Wednesday. The high-range close set 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. Multiple closes above the 20-day moving average crossing at 11.84 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 lower on Wednesday. The low-range close sets the stage for a steady to lower  opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 62.21 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.