KEY EVENTS TO WATCH FOR:

Wednesday, August 19, 2020 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 852.8)

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

                       Purchase Idx-SA (previous 306.6)

                       Purchase Idx-SA, W/W% (previous +2.0%)

                       Refinance Idx (previous 4025.0)

                       Refinance Idx, W/W% (previous +9.1%)

10:00 AM ET. 2^nd Quarter Advance Quarterly Services

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 514.084M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.512M)

                       Gasoline Stocks (Bbl) (previous 247.084M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.722M)

                       Distillate Stocks (Bbl) (previous 177.655M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.322M)

                       Refinery Usage (previous 81.0%)

                       Total Prod Supplied (Bbl/day) (previous 19.369M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.457M)

2:00 PM ET. Federal Open Market Committee meeting minutes published

2:00 PM ET. SEC Closed Meeting

Thursday, August 20, 2020

8:30 AM ET. August Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 20.0; previous 24.1)

                       Prices Paid (previous 15.7)

                       Employment (previous 20.1)

                       New Orders (previous 23.0)

                       Prices Received (previous 11.5)

                       Delivery Times (previous -6.4)

                       Inventories (previous -11.8)

                       Shipments (previous 15.3)

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

                       Jobless Claims (expected 920K; previous 963K)

                       Jobless Claims, Net Chg (previous -228K)

                       Continuing Claims (previous 15486000)

                       Continuing Claims, Net Chg (previous -604K)

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

                       Corn (Metric Tons) (previous 930.3K)

                       Soybeans (Metric Tons) (previous 3409.5K)

                       Wheat (Metric Tons) (previous 367.9K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Leading Indicators

                       Leading Index, M/M% (expected +1.1%; previous +2.0%)

                       Leading Index (previous 111.5)

                       Coincident Index, M/M% (previous +2.5%)

                       Lagging Index, M/M% (previous -2.5%)

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

                       Working Gas In Storage (Cbf) (previous 3332B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +58B)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, August 21, 2020 

9:45 AM ET. August US Flash Manufacturing PMI

                       PMI, Mfg (expected 51.2; previous 51.3)

9:45 AM ET. August US Flash Services PMI

                       PMI, Services (expected 50.6; previous 49.6)

10:00 AM ET. July Existing Home Sales

                       Existing Sales (expected 5.2M; previous 4.72M)

                       Existing Sales, M/M% (expected +11.7%; previous +20.7%)

                       Unsold Homes Month's Supply (previous 4.0)

                       Median Price (USD) (previous 295300)

                       Median Home Price, Y/Y% (previous +3.5%)

Monday, August 24, 2020 

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

                       NAI (previous 4.11)

                       NAI, 3-mo Moving Avg (previous -3.49)

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

The STOCK INDEXES:The September NASDAQ 100 was higher overnight as it extends this year's rally into uncharted territory.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 20-day moving average crossing at 10,997.01 would  confirm that a short-term top has been posted. First resistance is the overnight high crossing at 11,437.00. Second resistance is unknown. First support is the 20-day moving average crossing at 10,997.01. Second support is the 50-day moving average crossing at 10,579.79.

The September S&P 500 was higher overnight as it challenges February's high crossing at 3393.52.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. Closes above February's high crossing at 3393.52 would open the door into uncharted territory. Closes below the 20-day moving average crossing at 3302.59 would confirm that a short-term top has been posted. First resistance is February's high crossing at 3393.52. First support is the 20-day moving average crossing at 3302.59. Second support is the 50-day moving average crossing at 3197.34. 

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

INTEREST RATES: September T-bonds were higher overnight as they consolidate some of  the decline off August's high. The high-range overnight trade sets the stage for 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. Closes above the 20-day moving average crossing at 180-18 would confirm that a short-term low has been posted. If September resumes the decline off August's high, July's low crossing at 177-06 is the next downside target. First resistance is the 50-day moving average crossing at 179-10. Second resistance is the 20-day moving average crossing at 180-18. First support is last-Thursday's low crossing at 177-16. Second support is July's low crossing at 177-06.

September T-notes were steady to slightly higher overnight as they consolidates some of this month's decline. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 139.214 would signal that a short-term low has been posted. If September resumes this month's decline, July's low crossing at 138.235 is the next downside target. First resistance is the 20-day moving average crossing at 139.214. Second resistance is August's high crossing at 140.130. Third resistance is the March high on the weekly continuation chart crossing at 140.240. First support is last-Thursday's low crossing at 139.285. Second support is July's low crossing at 138.235.  

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

October crude oil was steady to slightly lower overnight.The mid-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at $41.93 would confirm that a short-term top has been posted. If October extends the rally off April's low, the 62% retracement level of the February-April-decline crossing at $46.44 is the next upside target. First resistance is the August 5th high crossing at $43.68. Second resistance is the 62% retracement level of the February-April-decline crossing at $46.44. First support is the 20-day moving average crossing at $41.93. Second support is the 50-day moving average crossing at $40.73. Third support is the July 30^th low crossing at $39.00.  

October heating oil was lower overnight as it extends the July-August trading range. The low-range overnight trade sets the stage for a 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 $125.05 are needed to confirm that a short-term top has been posted. If October resumes the rally off April's low, the 38% retracement level of the January-April-decline crossing at $133.94 is the next upside target. First resistance is August's high crossing at $131.92. Second resistance is the 38% retracement level of the February-April-decline crossing at $133.94. First support is the 50-day moving average crossing  at $125.05. Second support is the July 30^th low crossing at $119.03.  

October unleaded gas was slightly higher overnight as it consolidated some of Tuesday's decline. The mid-range overnight trade sets the stage for a steady to slightly 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 October renews the rally off April's low, the 62% retracement level of the January-March-decline crossing at $130.29 is the next upside target. Closes below the 50-day moving average crossing at $114.43 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $122.72. Second resistance is the 62% retracement level of the January-March-decline crossing at $130.29. First support is the 20-day moving average crossing at $116.26. Second support is the 50-day moving average crossing at $114.43.    

October Henry natural gas was higher overnight as it extends 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 July's low, the April-2019 high crossing at 2.697 is the next upside target. Closes below the 20-day moving average crossing at 2.238 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 2.598. Second resistance is the April-2019 high crossing at 2.697. First support is the 10-day moving average crossing at 2.398. Second support is the 20-day moving average crossing at 2.238.    

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

CURRENCIES:The September Dollar was steady to slightly lower overnight as it extends Tuesday's decline to a new contract low. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year's decline, long-term support on the monthly continuation chart crossing at 90.21 is the next downside target. Closes above the August 3rd high crossing at $93.98 are needed to confirm that a short-term low has been posted. First resistance is the August 3^rd high crossing at $93.98. Second resistance is the 50-day moving average crossing at $95.35. First support is Tuesday's low crossing at $92.11. Second support is long-term support on the monthly continuation chart crossing at 90.21.

The September Euro was steady to slightly higher in overnight trading as it extends Tuesday's upside breakout of trading range of the past four-weeks. The mid-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 June extends the rally off May's low, the 50% retracement level of the 2018-2020 decline crossing at $120.83 is the next upside target. Closes below the August 3^rd low crossing at $117.07 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at $119.73. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at $120.83. First support is the August 3rd crossing at $117.07. Second support is the 50-day moving average crossing at $115.20.

The September British Pound was steady to slightly lower overnight as it consolidates some of Tuesday's rally that marked an upside breakout of the trading range of the past four-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are overbought, diverging 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 December-2019 high crossing at 1.3453 is the next upside target. Closes below the August 4^th low crossing at 1.2984 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.3269. Second resistance is the December-2019 high crossing at 1.3453. First support is the August 4^th low crossing at 1.2984. Second support is the 50-day moving average crossing at 1.2741.  

The September Swiss Franc was steady to slightly lower in overnight trading as it consolidates some of  the rally off the August 12th 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, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes 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 August 12^th low crossing at 1.0881 would confirm that a  short-term top has been posted. First resistance is Tuesday's high crossing at 1.1108. Second resistance is the 62% retracement level of the 2018-2020  decline crossing at 1.1178. First support is the August 3rd low crossing at 1.0829. Second support is the 50-day moving average crossing at 1.0753. 

The September Canadian Dollar was higher overnight as it extends the rally off March's low. 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 the rally off March's low, January's high crossing at 77.16 is the next upside target. Closes below the 20-day moving average crossing at 75.11 would confirm that a short-term top has been posted.First resistance is the 87% retracement level of the January-March-decline crossing at 76.04. Second resistance is January's high crossing at 77.16. First support is the 20-day moving average crossing at 75.11. Second support is the 50-day moving average crossing at 74.27.

The September Japanese Yen was higher overnight as it extends the rally off last-week'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 bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-week's low, July's high crossing at 0.0960 is the next upside target. Closes below the 50-day moving average crossing at 0.0938 would signal that a short-term top has been posted. First resistance is July's high crossing at 0.0960. Second resistance is the 75% retracement level of March's decline crossing at 0.0968. First support is August's low crossing at 0.0934. Second support is the July 20^th low crossing at 0.0930. Third support is July's low crossing at 0.0925.

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

PRECIOUS METALS: October gold was lower overnight as it consolidates some of the rally off last-Wednesday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off last-week's low, August's high crossing at $2078.00 is the next upside target. If October renews the decline off August's high, the 50-day moving average crossing at $1867.40 is the next downside target. First resistance is Tuesday's high crossing at $2016.60. Second resistance is August's high crossing at $2078.00. First support is the 50-day moving average crossing at $1867.40. Second support is the 38% retracement level of the 2018-2020-rally crossing at $1775.80.  

September silver was lower overnight as it consolidates some of the rally off last-Wednesday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727 is the next upside target. Closes below last-Wednesday's low crossing at $23.580 would confirm that a short-term top has been posted. First resistance is August's high crossing at $29.915. 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 last-Wednesday's low crossing at $23.580. Second support is the 38% retracement level of March-August-rally crossing at $22.973. 

September copper was higher overnight and spiked to a new high for the year. 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 trading is possible near-term. If September extends the rally off August's low, the 75% retracement level of the 2018-2020 decline crossing at 3.0598 is the next upside target. Closes below the 50-day moving average crossing at 2.8126 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3.0145. Second resistance is the 75% retracement level of the 2018-2020 decline crossing at 3.0598. First support is the 50-day moving average crossing at  2.8126. Second support is July's low crossing at 2.7035. 

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

December corn was lower overnight as it consolidates some of the rally off August's low. The high-range trade sets the stage for a steady to slightly lower opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the June 8^th high crossing at $3.48 1/2 is the next upside target. Closes below the 20-day moving average crossing at $3.30 1/4 would signal that a short-term top has been posted. First resistance is the June 8^th high crossing at $3.48 1/2. Second resistance is the 38% retracement level of the 2019-2020 decline crossing at $3.59 3/4. First support is the 50-day moving average crossing at $3.37. Second support is the 20-day moving average crossing at $3.30 1/4.      

December wheat was higher 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 bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the July 31^st high crossing at $5.42 is the next upside target. Closes below the 10-day moving average crossing at $5.09 3/4 would signal that a short-term top has been posted. First resistance is the July 31^st high crossing at $5.42. Second resistance is the July 24^th high  crossing at $5.48 3/4. First support is last-Wednesday's low crossing at $4.97. Second support is June's low crossing at $4.79 1/2. 

December Kansas City wheat was higher overnight. The high-range close 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. Closes above the 50-day moving average crossing at $4.51 would open the door for additional gains near-term. If December resumes the decline off July's high, weekly support crossing at $4.12 is the next downside target. First resistance is the 50-day moving average crossing at $4.51. Second resistance is the reaction high crossing at $4.65 1/2. First support is August's low crossing at $4.20 3/4. Second support is weekly support crossing at $4.12.         

December Minneapolis wheat 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 December extends the rally off August's low, the 50-day moving average crossing at $5.27 1/4 is the next upside target. Closes below the 10-day moving average crossing at $5.13 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $5.27 1/4. Second resistance is the reaction high crossing at $5.33 1/2. First support is the 10-day moving average crossing at $5.13. Second support is August's low crossing at $5.06 1/2.   

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

November soybeans was higher overnight and remains poised to extend the rally off August's low. 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 November extends this month's rally, the 62% retracement level of the January-April-decline crossing at $9.24 3/4 is the next upside target. Closes below the 50-day moving average crossing at $8.86 3/4 would confirm that a short-term top has been posted.First resistance is Monday's high crossing at $9.17 1/2. Second resistance is the 62% retracement level of the October-April decline crossing at $9.24 3/4. First support is the 20-day moving average crossing at $8.91 1/2. Second support is the 50-day moving average crossing at $8.86 3/4.  

December soybean meal was steady to slightly lower overnight as it consolidates some of the rally off August's low. The high-range trade sets the stage for a steady to slightly 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 December extends this month's rally, July's high crossing at $308.90 is the next upside target. Closes below the 10-day moving average crossing at $295.20 would confirm that a short-term top has been posted. First resistance is July's high crossing at $308.90. Second resistance is the 50% retracement level of 2019-2020-decline crossing at $311.60. First support is the 50-day moving average crossing at $296.20. Second support is the 20-day moving average crossing at $295.80.   

December soybean oil was higher overnight as it extends the rally off March's low. 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 December extends the rally off April's low, the 62% retracement level of the December-March-decline crossing at 32.40 is the next upside target. Closes below the 20-day moving average crossing at 30.90 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the December-March-decline crossing at 32.40. Second resistance is the 75% retracement level of the December-March-decline crossing at 33.80. First support is the 20-day moving average crossing at 30.90. Second support is the 50-day moving average crossing at 29.83. 

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

October hogs closed down $2.18 at $51.35. 

October hogs closed sharply lower on Tuesday ending the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a small double top might have been posted with Monday's high. Closes below the 50-day moving average crossing at $50.54 would signal that a double top has been posted. If October resumes last-week's rally, June's high crossing at $54.98 is the next upside target. First resistance is last-Monday's high crossing at $54.15. Second resistance is June's high crossing at $54.98. First support is the 50-day moving average crossing at $50.54. Second support is the July 31st low crossing at $47.87.     

October cattle closed up $0.45 at $110.33. 

October cattle closed higher on Tuesday leaving yesterday's key reversal down unconfirmed. 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 October extends the rally off April's low, January's high crossing at $119.63 is the next upside target. Closes below the 20-day moving average crossing at $107.52 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the January-April-decline crossing at $115.09. Second resistance is January's high crossing at $119.63. First support is the 20-day moving average crossing at $107.52. Second support is the 50-day moving average crossing at $104.12.     

October Feeder cattle closed up $1.33-cents at $146.53. 

October Feeder cattle closed higher on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off last-week's high, the 50-day moving average crossing at $140.47 is the next downside target. If October renews the rally off April's low, the 87% retracement level of the January-April-decline crossing at $151.44 is the next upside target. First resistance is last-Wednesday's high crossing at $150.20. Second resistance is the 87% retracement level of the January-April-decline crossing at $151.44. First support is today's low crossing at $144.83. Second support is the 50-day moving average crossing at $140.47.        

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

September coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 last-Tuesday's low, August's high crossing at 12.73 is the next upside target. Closes below last-Tuesday's low crossing at 10.97 would confirm that a short-term top.   

September cocoa closed sharply higher on Tuesday as it bounced off support marked by the 20-day moving average crossing at 24.05. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 24.05 would temper the near-term bearish outlook. If September renews the rally off July's low, the 62% retracement level of the February-July-decline crossing at 25.87 is the next upside target.                 

October sugar closed lower on Tuesday as it extended the decline off last-Friday's high. The low-range close set 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 October extends the rally off April's low, the 75% retracement level of the February-April-decline crossing at 13.63 is the next upside target. Closes below the 20-day moving average crossing at 12.50 would confirm that a short-term top has been posted.              

December cotton closed lower on Tuesday as it extends last-week's trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 61.82 would confirm that a short-term top has been posted. If December renewed the rally off April's low, the 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target.