KEY EVENTS TO WATCH FOR:

Wednesday, August 5, 2020 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 841.9)

                       Composite Idx, W/W% (previous -0.8%)

                       Purchase Idx-SA (previous 306.1)

                       Purchase Idx-SA, W/W% (previous -1.5%)

                       Refinance Idx (previous 3995.9)

                       Refinance Idx, W/W% (previous +5.3%)

8:15 AM ET. July ADP National Employment Report

                       Private Sector Jobs, Net Chg (expected +1000000; previous +2369000)

8:30 AM ET. June U.S. International Trade in Goods & Services

                       Trade Balance (USD) (expected -50.3B; previous -54.60B)

                       Exports (USD) (previous 144.5B)

                       Exports, M/M% (previous -4.4%)

                       Imports (USD) (previous 199.1B)

                       Imports, M/M% (previous -0.9%)

8:30 AM ET. U.S. Department of the Treasury's quarterly refundingannouncement

9:45 AM ET. July US Services PMI

                       PMI, Services (expected 49.6; previous 47.9)

10:00 AM ET. July ISM Report on Business Services PMI

                       Non-Mfg Composite Idx (expected 55.0; previous 57.1)

                       Non-Mfg Business Idx (previous 66.0)

                       Prices Idx (previous 62.4)

                       Employment Idx (previous 43.1)

                       New Orders Idx (previous 61.6)

10:00 AM ET. SEC Open Meeting

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 525.969M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -10.611M)

                       Gasoline Stocks (Bbl) (previous 247.387M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +0.654M)

                       Distillate Stocks (Bbl) (previous 178.386M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.503M)

                       Refinery Usage (previous 79.5%)

                       Total Prod Supplied (Bbl/day) (previous 19.094M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.44M)

11:00 AM ET. July Global Services PMI

                       PMI, Services (previous 48.0)

2:00 PM ET. SEC Closed Meeting

Thursday, August 6, 2020 

7:30 AM ET. July Challenger Job-Cut Report

                       Job Cuts, M/M% (previous -57%)

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

                       Jobless Claims (expected 1423K; previous 1434K)

                       Jobless Claims, Net Chg (previous +12K)

                       Continuing Claims (previous 17018000)

                       Continuing Claims, Net Chg (previous +867K)

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

                       Corn (Metric Tons) (previous 609.4K)

                       Soybeans (Metric Tons) (previous 3602K)

                       Wheat (Metric Tons) (previous 676.6K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 3241B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +26B)

12:00 PM ET. July Monthly U.S. Retail Chain Store Sales Index

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

Friday, August 7, 2020  

8:30 AM ET. July U.S. Employment Report

                       Non-Farm Payrolls (expected +1482K; previous +4800K)

                       Unemployment Rate (expected 10.6%; previous 11.1%)

                       Avg Hourly Earnings (USD) (previous 29.37)

                       Avg Hourly Earnings-Net Chg (USD) (previous -0.35)

                       Avg Hourly Earnings, M/M% (expected -0.7%; previous -1.18%)

                       Avg Hourly Earnings, Y/Y% (expected +4.0%; previous +5.04%)

                       Overall Workweek (previous 34.5)

                       Overall Workweek Net Chg (previous -0.2)

                       Government Payrolls (previous +33K)

                       Private Payroll (previous +4767K)

                       Participation Rate (previous 61.5%)

                       Non-Farm Payrolls Bench Net Chg

10:00 AM ET. June Monthly Wholesale Trade

                       Inventories, M/M% (expected -2.0%; previous -1.2%)

3:00 PM ET. June Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +10.0B; previous -18.2B)

Monday, August 10, 2020 

10:00 AM ET. July Employment Trends Index

                       ETI (previous 49.05)

                       ETI, Y/Y%

10:00 AM ET. June Job Openings & Labor Turnover Survey

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

The STOCK INDEXES:The September NASDAQ 100 was higher overnight as it posted a new record high. 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 extends this year's rally into uncharted territory upside targets will be hard to project. Closes below the July 24^th low crossing at 10,301.00 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 11,144.00. Second resistance is unknown. First support is the July 24th low crossing at 10,301.00. Second support is the 50-day moving average crossing at 10,272.17.

The September S&P 500 was higher overnight as it renewed 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 March's low, February's high crossing at 3387.60 is the next upside target. Closes below the 20-day moving average crossing at 3221.85 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3299.90. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3221.85. Second support is the 50-day moving average crossing at 3141.84. 

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

INTEREST RATES: September T-bonds were lower in overnight trading as it consolidates some of the rally off June's low. The low-range overnight trade sets the stage for steady to lower opening is possible 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 extends the rally off  June's low, 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 180-28 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 183-00. 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 180-28. Second support is the 50-day moving average crossing at 178-18.

September T-notes were slightly lower in late-overnight trading. 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 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, March's high on the weekly continuation chart crossing at 140.240 is the next upside target. Closes below the 20-day moving average crossing at 139.202 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 140.130. 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 139.202. Second support is the 50-day moving average crossing at 139.018.  

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

September crude oil was higher overnight filling the March 6^th gap crossing at $42.49.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 September renews the rally off April's low, the 62% retracement level of the February-April-decline crossing at $46.38 is the next upside target. Closes below the 50-day moving average crossing at $39.50 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the February-April-decline crossing at $41.72. Second resistance is the 62% retracement level of the February-April-decline crossing at $46.38. First support is the 50-day moving average crossing at $39.50. Second support is the June 25^th low crossing at $37.32.  

September heating oil 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 neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at $120.97 are needed to confirm that a short-term top has been posted. First resistance is the July 21st high crossing at $129.95. Second resistance is the 38% retracement level of the February-April-decline crossing at $131.31. First support is the 50-day moving average crossing  at $120.97. Second support is the June 26^th low crossing at $115.64.  

September unleaded gas was higher overnight while extending the June-July trading range. 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 September renews the rally off April's low, June's high crossing at $130.90 is the next upside target. If September resumes last week's decline, the June 29^th low crossing at $110.99 is the next downside target. First resistance is June's high crossing at $130.90. Second resistance is the 62% retracement level of the January-March-decline crossing at $142.00. First support is the June 29^th low crossing at $110.99. Second support is the June 12^th low crossing at $109.43.  

September Henry natural gas was higher overnight as it extended the rally off June'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 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 75% retracement level of the May-June decline crossing at 2.271 is the next upside target. Closes below the 20-day moving average crossing at 1.858 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the May-June decline crossing at 2.271. Second resistance is the 87% retracement level of the May-June decline crossing at 2.381. First support is the 10-day moving average crossing at 1.943. Second support is June's low crossing at 1.858.    

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

CURRENCIES:The September Dollar was lower in overnight trading. 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 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 $94.78 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $93.55. Second resistance is the 20-day moving average crossing at $94.78. First support is last-Friday's low crossing at $92.51. Second support is weekly support on the weekly continuation chart marked by the May 14^th 2018 low crossing at 92.12.  

The September Euro 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 are overbought and are turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the March 18^th high crossing at $119.62 is the next upside target. Closes below the 20-day moving average crossing at $115.95 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $119.20. 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 $117.66. Second support is the 20-day moving average crossing at $115.95.

The September British Pound was higher overnight and is poised to renew 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, 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 1.2802 would signal that a short-term top has been posted. First  resistance is last-Friday's high crossing at 1.3174. 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 1.2984. Second support is the 20-day moving average crossing at 1.2803.  

The September Swiss Franc was higher in overnight trading and is poised to resume 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 again turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off April's low, the 62% retracement level of the 2018-2020 decline crossing at 1.1178 is the next upside target. Closes below the 20-day moving average crossing at 1.0799 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.1056. Second resistance is the 62% retracement level of the 2018-2020 decline crossing at 1.1178. First support is Monday's low crossing at 1.0829. Second support is the 20-day moving average crossing at 1.0799. 

The September Canadian Dollar was higher overnight as it extends the rally off March's low and above the 75% retracement level of the January-March-decline crossing at 74.99. 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 renews the rally off March's low, the 87% retracement level of the January-March-decline crossing at 76.04 is the next upside target. Closes below the 20-day moving average crossing at 74.32 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 20-day moving average crossing at 74.32. Second support is the 50-day moving average crossing at 73.94.

The September Japanese Yen was steady to slightly lower overnight. 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 September extends the rally off July's low, the 75% retracement level of March's decline crossing at 0.0968 is the next upside target. Closes below the 20-day moving average crossing at 0.0941 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 0.0960. Second resistance is the 75% retracement level of March's decline crossing at 0.0968. First support is the 20-day moving average crossing at 0.0941. Second support is the 50-day moving average crossing at 0.0935. 

PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"

PRECIOUS METALS:August gold was higher overnight as it extends this year's rally to another new record high. 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $1888.20 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at $2039.30. Second resistance is unknown. First support is the 10-day moving average crossing at $1958.30. Second support is the 20-day moving average crossing at $1888.20.  

September silver was higher overnight as it extends this year's rally. 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 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. Closes below the 20-day moving average crossing at $22.350 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $27.195. Second resistance is the the 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 $24.536. Second support is the 20-day moving average crossing at $22.350. 

September copper was higher overnight as it extends the trading range of the past four-weeks. 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 September renews 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 Monday's low crossing at 2.8310 would opens the door for additional weakness near-term. First resistance is the July 13th high crossing at 2.9930. Second resistance is the 75% retracement level of the 2018-2020 decline crossing at 3.0598. First support is Monday's low crossing at 2.8310. Second support is the 50-day moving average crossing at 2.7363. 

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

December corn was higher due to short covering overnight as it consolidates some of Tuesday's decline. The low-range trade sets the stage for a steady to lower opening when the day 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 decline off July's high, weekly support crossing at $3.00 1/4 is the next downside target. Closes above the 50-day moving average crossing at $3.38 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $3.38 3/4. Second resistance is July's high crossing at $3.63. First support is Tuesday's low crossing at $3.20. Second support is weekly support crossing at $3.00 1/4.      

December wheat was higher due to short covering overnight as it consolidates some of this week's decline. The mid-range 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 week's decline, July's low crossing at $4.96 is the next downside target. Closes above the 20-day moving average crossing at $5.34 1/2 would signal that a short-term low 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 Tuesday's low crossing at $5.16. Second support is July's low crossing at $4.96. 

December Kansas City wheat was higher due to short covering overnight as it consolidates some of this week's decline. The high-range close 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 the decline off July's high, weekly support crossing at $4.12 is the next downside target. Closes above the 50-day moving average crossing at $4.60 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.48. Second resistance is the 20-day moving average crossing at $4.53 3/4. First support is Tuesday's low crossing at $4.32 1/2. Second support is weekly support crossing at $4.12.         

December Minneapolis wheat was higher due to short covering 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year's decline, psychological support crossing at $5.00 is the next downside target. Closes above the 50-day moving average crossing at $5.34 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.26 3/4. Second resistance is the 50-day moving average crossing at $5.34. First support is weekly support crossing at $5.15 1/2. Second support is psychological support crossing at $5.00.  

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

November soybeans was higher overnight as it consolidates some of Tuesday's decline.The mid-range trade sets the stage for a steady to higher 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 November extends this week's decline, July's low crossing at $8.71 1/2 is the next downside target. If November renews the rally off July's low, the 50% retracement level of the October-April decline crossing at $9.07 1/4 is the next upside target. 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 July's low crossing at $8.71 1/2. Second support is the June 29^th low crossing at $8.56 3/4.      

December soybean meal was higher due to short covering overnight. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends Tuesday's decline, June's low crossing at $287.50 is the next downside target. Closes above the 10-day moving average crossing at $296.60 would temper the near-term bearish outlook. First resistance is the July 27^th high crossing at $303.50. Second resistance is July's high crossing at $308.90. First support is Tuesday's low crossing at $289.40. Second support is June's low crossing at $287.50.  

December soybean oil was lower overnight as it consolidates some of the rally off March's low. 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. Closes below the 20-day moving average crossing at 30.10 would confirm that a short-term top has been posted. If December renews the rally off April's low, the 62% retracement level of the December-March-decline crossing at 32.40 is the next upside target. First resistance is the 50% retracement level of the January-March-decline crossing at 31.16. Second resistance is the 62% retracement level of the December-March-decline crossing at 32.40. First support is the 20-day moving average crossing at 30.10. Second support is the 50-day moving average crossing at 29.30. 

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

August hogs closed down $0.20 at $49.68. 

August hogs closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain 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 $47.52 is the next downside target. Closes above the 50-day moving average crossing at $52.68 would confirm that a short-term low has been posted. First resistance is July's high crossing at $55.28. Second resistance is June's high crossing at $58.03. First support is today's low crossing at $49.55. Second support is June's low crossing at $47.52.     

August cattle closed down $0.60 at $102.43. 

August cattle closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $99.11 are needed to confirm that a short-term top has been posted. 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. 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 $101.49. Second support is the 50-day moving average crossing at $99.11.     

August Feeder cattle closed down $0.28-cents at $144.60. 

August Feeder cattle closed lower on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 87% retracement level of the January-April-decline crossing at $150.58 is the next upside target. Closes below the 20-day moving average crossing at $140.66 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $145.48. Second resistance is the 87% retracement level of the January-April-decline crossing at $150.58. First support is the 20-day moving average crossing at $140.66. Second support is the 50-day moving average crossing at $136.45.       

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

September coffee closed higher on Tuesday as it extended the rally off June's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 87% retracement level of the March-June-decline crossing at 12.47 is the next upside target. Closes below the 20-day moving average crossing at 10.58 would confirm that a short-term top. 

September cocoa closed lower on Tuesday as it consolidated some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 50% retracement level of the February-July-decline crossing at 24.92 is the next upside target. Closes below the 20-day moving average crossing at 22.47 would temper the near-term bearish outlook.                

October sugar closed slightly higher on Tuesday as it extends the rally off April's low. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off April's low, the 62% retracement level of the February-April-decline crossing at 12.90 is the next upside target. Closes below the 50-day moving average crossing at 11.88 would confirm that a short-term top has been posted.              

December cotton closed slightly higher on Tuesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 aforementioned rally, July's high crossing at 64.90 is the next upside target. Closes below the 50-day moving average crossing at 60.98 would signal that a short-term top has been posted.