KEY EVENTS TO WATCH FOR:

Friday, July 31, 2020 

8:30 AM ET. June Personal Income & Outlays

                       Personal Income, M/M% (expected -0.9%; previous -4.2%)

                       Consumer Spending, M/M% (expected +5.0%; previous +8.2%)

                       PCE Price Idx, M/M% (previous +0.1%)

                       PCE Price Idx, Y/Y% (previous +0.5%)

                       PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)

                       PCE Core Price Idx, Y/Y% (expected +1.0%; previous +1%)

8:30 AM ET. 2^nd Quarter Employment Cost Index

                       ECI, Q/Q% (expected +0.6%; previous +0.8%)

                       ECI, Y/Y% (expected +2.8%)

9:45 AM ET. July ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (expected 44.0; previous 36.6)

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

                       End-Mo Sentiment Idx (expected 72.4; previous 78.1)

                       End-Mo Expectations Idx (previous 72.3)

                       12-Month Inflation Forecast (previous 3.0%)

                       5-Year Inflation Forecast (previous 2.5%)

                       End-Mo Current Idx (previous 87.1)

3:00 PM ET. June Agricultural Prices

                       Farm Prices, M/M% (previous -9.0%)

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

The Dow closed lower on Thursday after the worst GDP on record in the second quarter and a bearish labor-market report that underscores a rise in COVID-19 cases. Additional pressure came from a lack of progress in between congressional Democrats, Republicans and the White House on a new coronavirus aid package was also weighing on sentiment. 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. Today's close below the 20-day moving average crossing at 26,415.68 confirmed that a short-term top has been posted. Closes above the June 8th high crossing at 27,580.21 are needed to renew the rally off March's low. First resistance is the July 15^th 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 26,045.11. Second support is the July 9^th low crossing at 25,523.51. 

The September NASDAQ 100 closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off March's low into uncharted territory, upside targets will be hard to project. If September renews last-week's decline, the 50-day moving average crossing at 10,137.29 is the next downside target. First resistance is last-Tuesday's high crossing at 11,058.00. Second resistance is unknown. First support is last-Friday's low crossing at 10,301.00. Second support is the 50-day moving average crossing at 10,137.29.    

The September S&P 500 closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. 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 3200.93 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 3284.00. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3200.93. Second support is the 50-day moving average crossing at 3121.36.

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September T-bonds closed up 1-01/32's at 182-11.

September T-bonds closed higher on Thursday as it extends the rally off June'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews 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 20-day moving average crossing  at 180-04 are needed to confirm that a short-term top has been posted.First resistance is today's high crossing at 182-15. 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 180-04. Second support is the 50-day moving average  crossing at 178-07.

September T-notes closed up 85-pts. At 140.010.

September T-notes closed higher on Thursday marking an upside breakout of 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 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 on the weekly continuation chart crossing at 140.240 is the next upside target. Closes below the 50-day moving average crossing at 138.302 would signal that a short-term top has been posted. First resistance is today's high crossing at 140.020. Second resistance is March's high on the weekly continuation chart  crossing at 140.240. First support is the 20-day moving average crossing at 139.136. Second support is the 50-day moving average crossing at 138.302.           

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September crude oil closed sharply lower on Thursday on fears rising coronavirus cases will crimp demand. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower trading is possible near-term. Closes below the July 10^th low crossing at $38.77 would confirm that a short-term top has been posted. 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. First resistance is last-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 $38.95. Second support is the July 10th low crossing at $38.77. 

September heating oil closed lower on Thursday below the 20-day moving average crossing at $125.08 signaling that a short-term top has been posted. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $119.74 would signal that intermediate trading has turned lower. If September resumes the rally off April's low, the 38% retracement level of the January-April-decline crossing at $131.31 is the next upside target. 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 50-day moving average crossing at $119.74. Second support is the June 12^th low crossing at $110.27. 

September unleaded gas closed lower on Thursday but well off session lows. The high-range close sets the stage for a steady to slightly 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 118.88 would confirm that a short-term top has been posted. If September renews the rally off April's low, June's high crossing at 130.90 is the next upside target. 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 118.88. Second support is the June 29^th low crossing at 110.99.  

September Henry natural 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 to bullish signaling that sideways to higher prices are possible near-term. If September extends Wednesday's rally, the July 7th high crossing at 1.989 is the next upside target. Closes below the 10-day moving average crossing at 1.795 would confirm that a short-term top has been posted. First resistance is the July 7^th high crossing at 1.989. Second resistance is the 50% retracement level of the May/June decline crossing at 2.042 is the next upside target. First support is last-Monday's low crossing at 1.646. Second support is June's low crossing at 1.583. 

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The September Dollar closed lower on Thursday as it extends this year's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year's decline, the May 14th 2018-low on the weekly continuation chart crossing at 92.12 is the next downside target. Closes above the 20-day moving average crossing at 95.51 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 94.44. Second resistance is the 20-day moving average crossing at 95.51. First support is today's low crossing at  93.01. Second support is the May 14th 2018 low on the weekly continuation chart crossing at 92.12. 

The September Euro closed higher on Thursday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off March's low, the 50% retracement level of the 2018-2020 decline crossing at 120.83 is the next upside target. Closes below the 20-day moving average crossing at 114.94 would signal that a short-term top has been posted. First resistance is today's high crossing at 118.47. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at 120.83. First support is the 10-day moving average crossing at 116.45. Second support is the 20-day moving average crossing at 114.94. 

The September British Pound closed higher on Thursday as it extended the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins  trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 87% retracement level of the December-March decline crossing at 1.3193 is the next upside target. Closes below the 20-day moving average crossing at 1.2690 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.3090. Second resistance is the 87% retracement level of the December-March decline crossing at 1.3193. First support is the 10-day moving average crossing at 1.2816. Second support is the 20-day moving average crossing at 1.2690.  

The September Swiss Franc closed higher on Thursday as it extends the rally off  March's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to  higher prices are possible near-term. If September extends the rally off May's low, the 62% retracement level of the 2018-2020 crossing at 1.1178 is the next upside target. Closes below the 20-day moving average crossing at 1.0733 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.1010. Second resistance is the 62% retracement level of the 2018-2020 crossing at 1.1178. First support is the 10-day moving average crossing at 1.0833. Second support is the 20-day moving average crossing at 1.0733.

The September Canadian Dollar closed lower on Thursday as it consolidated some of the rally off the June 26^th 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 are poised to turn neutral to bearish with additional weakness on Friday. Closes below the 20-day moving average crossing at 74.08 would confirm that a short-term top has been posted. If September extends this month's rally, June's high crossing at 75.10 is the next upside target. First resistance is the 75% retracement level of the January-March-decline crossing at 74.98. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.04. First support is the 20-day moving average crossing at 74.08. Second support is the 50-day moving average crossing at 73.69.  

The September Japanese Yen closed slightly higher for the sixth-day in a row on Thursday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 62% retracement level of March's decline crossing at 0.0957 is the next upside target. Closes below the 20-day moving average crossing at 0.0938 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 0.0955. Second resistance is the 62% retracement level of March's decline crossing at 0.0957. First support is the 10-day moving average crossing at 0.0943. Second support is the 20-day moving average crossing at 0.0938.  

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August gold closed closed lower due to profit taking on Thursday ending a nine day in a row rally.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off the March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $1848.50 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $1974.90. Second resistance is unknown. First support is the 10-day moving average crossing at $1892.60. Second support is the 20-day moving average crossing at $1848.40.

September silver closed lower on Thursday as it consolidated some of this year's rally. 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 20-day moving average crossing at 20.952 would signal that a short-term top has been posted. If September renews the rally off June's low, the 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727 is the next upside target. First resistance is Tuesday's high crossing at 26.275. Second resistance isthe 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727. First support is the 10-day moving average crossing at 22.792. Second support is the 20-day moving average crossing at 20.952.   

September copper closed lower on Thursday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 288.64 would signal that a short-term top has been posted. If September renews the rally off March's low, the April-2019 high crossing at 301.65 is the next upside target. First resistance is July's high crossing at 299.30. Second resistance is the April-2019 high crossing at 301.65. First support is the 20-day moving average crossing at 288.64. Second support is the 50-day moving average crossing at 269.87. 

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December Corn closed up a $0.00 1/4-cent at $3.26 1/2. 

December corn closed fractionally higher on Thursday as it consolidated some of this week's decline. The low-range close sets the stage for a steady to lower opening when Friday'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 $3.22 is the next downside target. Closes above the 50-day moving average crossing at $3.39 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.39 1/2. Second resistance is July's high crossing at 3.63. First support is today's low crossing at $3.26. Second support is June's low crossing at $3.22.    

December wheat closed down $0.03 1/2-cents at $5.35.  

December wheat closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.30 3/4 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 $5.30 3/4. Second support is July's low crossing at $4.96.       

December Kansas City Wheat closed down $0.06-cents at $4.50.

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 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 $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 last-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 $0.01 1/2-cents at $5.26 1/4.

December Minneapolis wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, weekly support crossing at $5.15 1/2 is the next downside target. Closes above the 50-day moving average crossing at $5.35 1/2 would signal that a short-term low has been posted. 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 last-Monday's low crossing at $5.19 1/2. Second support is weekly support crossing at $5.15 1/2.         

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November soybeans closed up $0.03 1/2-cents at $8.88 3/4.

November soybeans closed lower on Wednesday as it extends Tuesday's decline. 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 neutral to bearish signaling that sideways to higher prices are possible near-term. If November extends this week's decline, the 50-day moving average crossing at $8.78 1/2 is the next downside target. If November renews the rally off the July 13th 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 $8.78 1/2. Second support is the June 29^th low crossing at $8.56 3/4.

December soybean meal closed up $2.30 at $298.10. 

December soybean meal closed higher on Thursday ending a two-day correction off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off July 15^th low, the 38% retracement level of the 2019-2020-decline crossing at $306.50 is the next upside target. Multiple closes below the 50-day moving average crossing at $296.00 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $303.50. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $306.50. First support is the July 15^th low at $290.70. Second support is June's low crossing at $287.50.     

December soybean oil closed up 16-pts. At 30.22. 

December soybean oil closed higher on Thursday as it consolidates 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. If December renews 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 20-day moving average crossing at 29.73 would confirm that a short-term top has been posted. First resistance is last-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 29.73. Second support is the 50-day moving average crossing at 29.06.      

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August hogs closed down $2.05 at $51.03. 

August hogs closed lower on Thursday and below the 20-day moving average crossing at $51.45 signaling that a short-term top has been posted. 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. If August extends this week's decline, June's low crossing at $47.52 is the next downside target. If August renews the rally off June's low, June's high crossing at $58.03 is the next upside target. First resistance is Tuesday's high crossing at $55.28. Second resistance is June's high crossing at $58.03. First support is the July 20^th low crossing at $50.20. Second support is June's low crossing at $47.52.     

August cattle closed up $0.73 at $102.18. 

August cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher  opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews 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 $98.80 are needed to confirm 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 20-day moving average crossing at $101.08. Second support is the 50-day moving average  crossing at $98.80.     

August Feeder cattle closed up $1.35-cents at $143.33. 

August Feeder cattle closed higher on Thursday as it extends the rally off Monday'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 turning 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 $139.33 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $143.85. Second resistance is the 75% retracement level of the January-April-decline crossing at $144.98. First support is the 20-day moving average crossing at $139.33. Second support is the 50-day moving average crossing at $135.49.        

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

September coffee closed higher on Thursday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month's rally, the 75% retracement level of the March-June-decline crossing at 12.05 is the next upside target. Closes below the 20-day moving average crossing at 10.31 would confirm that a short-term top. 

September cocoa closed slightly higher on Thursday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the June 9^th high crossing at 24.39 is the next upside target. Closes below the 20-day moving average crossing at 22.03 would temper the near-term bearish outlook.                

October sugar closed higher on Thursday as it extends the June-July trading range. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above June's high crossing at 12.40 or below July's low crossing at 11.27 would confirm a breakout of the aforementioned trading range and point the direction of the next trending move.             

December cotton closed sharply higher on Thursday and above the 20-day moving average crossing at 62.59 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, July's high crossing at 64.90 is the next upside target. If December renews the decline off July's high, the June-15^th low crossing at 57.75 is the next downside target.