KEY EVENTS TO WATCH FOR:

Thursday, August 27, 2020 

8:30 AM ET. 2^nd Quarter Preliminary Corporate Profits

8:30 AM ET. 2^nd Quarter 2nd estimate GDP

                       Annual Rate, Q/Q% (expected -32.4%; previous -32.9%)

                       Chain-Weighted Price Idx, Q/Q% (expected -1.8%; previous -1.8%)

                       Corporate Profits, Q/Q% (previous -14.1%)

                       PCE Price Idx, Q/Q% (previous -1.9%)

                       Purchase Price Idx, Q/Q% (previous -1.5%)

                       Real Final Sales, Q/Q% (previous -29.3%)

                       Core PCE Price Idx, Q/Q% (previous -1.1%)

                       Consumer Spending, Q/Q% (previous -34.6%)

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

                       Jobless Claims (expected 1045K; previous 1106K)

                       Jobless Claims, Net Chg (previous +135K)

                       Continuing Claims (previous 14844000)

                       Continuing Claims, Net Chg (previous -636K)

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

                       Corn (Metric Tons) (previous 784.9K)

                       Soybeans (Metric Tons) (previous 2560.6K)

                       Wheat (Metric Tons) (previous 523K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Pending Home Sales Index

                       Pending Home Sales (previous 116.1)

                       Pending Home Sales Idx, M/M% (previous +16.6%)

                       Pending Home Sales Idx , Y/Y% (previous +6.3%)

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

                       Working Gas In Storage (Cbf) (previous 3375B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +43B)

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

                       Mfg Activity Idx (previous 7)

                       6-Mo Exp Prod Idx (previous 25)

                       Mfg Composite Idx (previous 3)

                       6-Mo Exp Composite Idx (previous 14)

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 28, 2020 

8:30 AM ET. July Personal Income & Outlays

                       Personal Income, M/M% (expected -0.1%; previous -1.1%)

                       Consumer Spending, M/M% (expected +1.5%; previous +5.6%)

                       PCE Price Idx, M/M% (previous +0.4%)

                       PCE Price Idx, Y/Y% (previous +0.8%)

                       PCE Core Price Idx, M/M% (expected +0.4%; previous +0.2%)

                       PCE Core Price Idx, Y/Y% (expected +1.3%; previous +0.9%)

8:30 AM ET. July Advance Economic Indicators Report

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

                       PMI-Adj (previous 51.9)

10:00 August University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (expected 72.4; previous 72.5)

                       End-Mo Expectations Idx (previous 65.9)

                       12-Month Inflation Forecast (previous 3.0%)

                       5-Year Inflation Forecast (previous 2.6%)

                       End-Mo Current Idx (previous 82.8)

3:00 PM ET. July Agricultural Prices

                       Farm Prices, M/M% (previous +3.9%)

Monday, August 31, 2020  

10:30 AM ET. August Texas Manufacturing Outlook Survey

                       Business Activity (previous -3.0)

                       Mfg Production Idx (previous 16.1)

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

The Dow closed higher on Wednesday on news of progress on coronavirus vaccine trials, and expectations for the Federal Reserve to keep monetary policy easy in a speech by Chairman Jerome Powell on Thursday. 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 the Dow extends this month's rally, February's high crossing at 29,568.57 is the next upside target. Closes below the 20-day moving average crossing at 27,568.67 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 28,400.74. Second resistance is February's high crossing at 29,568.57. First support is the 20-day moving average crossing at  27,568.57. Second support is the 50-day moving average crossing at 26,739.68.  

The September NASDAQ 100 closed sharply higher on Wednesday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. If September extends 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 11,264.23 would confirm that a short-term top has been posted. First resistance is today's high crossing at 11,967.50. Second resistance is unknown. First support is the 20-day moving average crossing at 11,264.23. Second support is the 50-day moving average crossing at 10,762.75.  

The September S&P 500 closed higher on Wednesday as it extends this year's rally. 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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3355.72 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3481.07. Second resistance is unknown. First support is the 20-day moving average crossing at 3355.72. Second support is the 50-day moving average crossing at 3234.99.

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

September T-bonds closed closed down 17/32's at 178-00.

September T-bonds closed lower on Wednesday and spiked to a new low for the month. The mid-range close sets the stage for a steady to lower opening when Thursday'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 September renews the decline off August's high, July's low crossing at 177-06 is the next downside target. Closes above the 20-day moving average crossing at 179-31 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at  179-31. Second resistance is August's high crossing at 183-06. First support is July's low crossing at 177-06. Second support is the June 16^th low crossing at 174-29.

September T-notes closed down 5-pts. At 139.095.

September T-notes closed slightly lower 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 bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off August's high, July's low crossing at 138.235 is the next downside target. Closes above the 20-day moving average crossing at 139.198 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 139.198. 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 August's low crossing at 138.285. Second support is July's low crossing at 138.235.           

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

October crude oil closed slightly lower on Wednesday as it extends this month's trading range. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are 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-April-decline crossing at $46.44 is the next upside target. Closes below the 50-day moving average crossing  at $41.21 would confirm that a short-term top has been posted. First resistance is today's high crossing at $43.78. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.44.First support is the 50-day moving average crossing at $41.21. Second support is the July 30th low crossing at $41.43. 

October heating oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower 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 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. If October resumes last-Friday's decline, the July 30th low crossing at $119.03 is the next downside target.First resistance is the 38% retracement level of the January-April-decline crossing at $133.94. Second resistance is the 50% retracement level of the  January-April-decline crossing at $147.51. First support is the July 30th low crossing at $119.03. Second support is the June 29^th low crossing at $117.88.

October unleaded gas closed lower on Wednesday as it consolidates some of the rally off April's low. The high-range close sets the stage for a steady to slightly lower 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 October extends 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 116.05 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 129.41. Second resistance is 62% retracement level of the January-March-decline decline crossing at 130.29. First support is the 50-day moving average crossing at 116.05. Second support is the July 30^th low crossing at 106.14.  

October Henry natural gas posted a key reversal down as it closed lower on Wednesday consolidating some of the rally off June's low. 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 poised to turn neutral to bearish with additional weakness. Closes below the 20-day moving average crossing at 2.380 would confirm that a short-term top has been posted. If September extends the rally off July's low, the April-2019 high crossing at 2.697 is the next upside target. First resistance is Monday's high crossing at 2.658. Second resistance is the April-2019 high crossing at 2.697. First support is the 10-day moving average crossing at 2.519. Second support is the 20-day moving average crossing at 2.380.  

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

The September Dollar 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. If September renews 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 3^rd 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 94.98. First support is last-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 closed slightly lower 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the August 3^rd low crossing at 117.07 would confirm that a short-term top has been posted. If September renews the rally off March's low, the 50% retracement level of the 2018-2020 decline crossing at 120.83 is the next upside target. First resistance is last-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 low crossing at 117.07. Second support is the 50-day moving average crossing at 115.68. 

The September British Pound closed higher on Wednesday as it extends this month's trading range. 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 June's low, the December-2019 high crossing at 1.3453 is the next upside target. Closes below August's low crossing at 129.84 would confirm a downside breakout of the aforementioned trading range.First resistance is last-Tuesday's 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 1.2792. 

The September Swiss Franc closed lower on Wednesday. The high-range close sets the stage for a steady to slightly 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 resumes 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 August 12th low crossing at 1.0881 are needed confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 1.1108. Second resistance is the 62% retracement level of the 2018-2020 crossing at 1.1178. First support is the August 12^th low crossing at 1.0881. Second support is the August 3^rd low crossing at 1.0829.

The September Canadian Dollar closed higher on Wednesday as it consolidates below the 87% retracement level of the January-March-decline crossing at 76.04.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, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews 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 75.37 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 77.15. First support is the 20-day moving average crossing at 75.37. Second support is the 50-day moving average crossing at 74.47. 

The September Japanese Yen 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off August's high, the July 20^th low crossing at 0.0930 is the next downside target. If September renews the rally off August's low, July's high crossing at 0.0960 is the next upside target. First resistance is last-Wednesday's high crossing at 0.0952. Second resistance is July's high crossing at 0.0960. First support is August's low crossing at 0.0939. Second support is the July 20^th low crossing at 0.0930.

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

October gold posted a key reversal up as it 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October resumes the rally off August'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 $1885.40 is the next downside target. First resistance is last-Tuesday's high crossing at $2016.60. Second resistance is August's high crossing at $2078.00. First support is the 25% retracement level of the 2018-2020-rally crossing at $1882.10. Second support is the 50-day moving average crossing at $1885.40.

September silver closed higher on Wednesday. The high-range close sets the stage for a steady to slightly 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 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 August'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 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727. First support is August's low crossing at 23.580. Second support is the 38% retracement level of the March-April-decline crossing at 22.572.   

September copper 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off August's low, the 75% retracement level of the 2018-2020 decline crossing at 305.84 is the next upside target. Closes below August's low crossing at 276.90 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 302.95. Second resistance is the 75% retracement level of the 2018-2020 decline crossing at 305.84. First support is the 20-day moving average crossing at 290.51. Second support is the 50-day moving average crossing at 284.63.

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

December Corn closed up $0.00 1/4-cents at $3.54 3/4. 

December corn closed fractionally higher on Wednesday as it extends the rally off August's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 38% retracement level of the 2019-2020-decline crossing at $3.59 3/4 is the next upside target. Closes below the 20-day moving average crossing at $3.34 would confirm that a short-term top has been posted. First resistance is today's high crossing at $3.55. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $3.59 3/4. First support is the 10-day moving average crossing at $3.43 1/2. Second support is the 20-day moving average crossing at $3.34.    

December wheat closed up $0.04 1/4-cents at $5.39 3/4.  

December wheat closed higher on Wednesday as it extends the rally off August'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 December extends the rally off August's low, the 75% retracement level of the March-June-decline crossing at $5.53 is the next upside target. Closes below the 50-day moving average crossing at $5.18 3/4 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $5.42. Second resistance is the 75% retracement level of the March-June-decline crossing at $5.53. First support is the 50-day moving average crossing at $5.18 3/4. Second support is August's low crossing at $4.97. Third support is June's low crossing at $4.79 1/2.      

December Kansas City Wheat closed up $0.05 1/2-cents at $4.61.

December Kansas City wheat closed higher on Wednesday as it extended the rally off August's low. 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 bullish signaling that sideways to higher prices are possible. If December renews the rally off August's low, the July 24^th high crossing at $4.65 1/2 is the next upside target. Closes below the 20-day moving average crossing at $4.41 1/2 would confirm that a short-term top has been posted. First resistance is the July 24^th high crossing at $4.65 1/2. Second resistance is July's high crossing at $4.74 3/4. First support is the 20-day moving average crossing at $4.41 1/2. Second support is August's low crossing at $4.20 3/4.      

December Minneapolis wheat closed up $0.02 3/4-cents at $5.33. 

December Minneapolis wheat closed higher on Wednesday as it extended the rally off August'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 December extends the rally off August's low, July's high crossing at $5.43 1/2 is the next upside target. Closes below the 20-day moving average crossing at $5.18 3/4 would temper the friendly outlook. First resistance is today's high crossing at $5.33 1/2. Second resistance is July's high crossing at $5.43 1/2. First support is the 20-day moving average crossing at $5.18 3/4. Second support is August's low crossing at $5.06 1/2.          

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

November soybeans closed up $0.04 1/4-cents at $9.24 3/4.

November soybeans closed higher on Tuesday as it extends the rally off August's rally. 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 November renews this month's rally, the 75% retracement level of the crossing at $9.44 3/4 is the next upside target. Closes below the 50-day moving average crossing at $8.90 1/4 would confirm that a short-term top has been posted.First resistance is the 62% retracement level of the crossing at $9.24 3/4. Second resistance the 75% retracement level of the crossing at $9.44 3/4. First support is the 10-day moving average crossing at $9.09 3/4. Second support is the 20-day moving average crossing at $8.95 3/4.

December soybean meal closed down $0.40 at $299.60. 

December soybean meal closed lower on Wednesday. The mid-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 December resumes the rally off August's low, July's high crossing at $308.90 is the next upside target. Closes below the 20-day moving average crossing at $295.90 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at $305.80. Second resistance is July's high crossing at $308.90. First support is the 20-day moving average crossing at $295.90. Second support is August's low average at $286.20.       

December soybean oil closed up 21-pts. at 32.49. 

December soybean oil closed higher on Wednesday and above the 62% retracement level of the December-March-decline crossing at 32.40. 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 December extends the rally off April's low, the 75% retracement level of the December-March-decline crossing at 33.80 is the next upside target. Closes below the 20-day moving average crossing at 31.34 would confirm 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 31.34. Second support is the 50-day moving average crossing at 30.15.      

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

October hogs closed down $0.38 at $55.58. 

October hogs closed lower on Wednesday. The mid-range close sets the stage for a steady to slightly lower 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 October extends the rally off the July 31^st low, the 25% retracement level of the 2019-2020-decline crossing at $57.01 is the next upside target. Closes below the 20-day moving average crossing at $52.05 would signal that a short-term top has been posted. First resistance is today's high crossing at $56.70. Second resistance is the 25% retracement level of the 2019-2020-decline crossing at $57.01. First support is last-Thursday's gap crossing at $52.83. Second support is the 50-day moving average crossing at $50.73.     

October cattle closed down $1.78 at $107.00. 

October cattle closed lower on Wednesday as it extended the decline off August's high. 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 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 $105.27 is the next downside targets. If October renews the rally off April's low, January's high crossing at $119.63 is the next upside target. First resistance is the 75% retracement level of the January-April-decline crossing at $110.91. Second resistance is the 87% retracement level of the January-April-decline crossing at $115.09. First support is today's low crossing at $106.58. Second support is the 50-day moving average crossing at $105.26.     

October Feeder cattle closed down $1.00-cents at $142.08. 

October Feeder cattle closed lower on Wednesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $141.68 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 the 20-day moving average crossing at $146.25. Second resistance is August's high crossing at $150.20. Third resistance is the 87% retracement level of the January-April-decline crossing at $151.44. First support is today's low crossing at $141.15. Second support is the July 27^th low crossing at $140.50.        

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

September coffee 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 bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, March's high crossing at 12.95 is the next upside target. Closes below the 20-day moving average crossing at 11.75 would confirm that a short-term top.   

December cocoa closed slightly higher on Wednesday. The mid-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 December renews the rally off July's low, the 62% retracement level of the February-July-decline crossing at 24.58 is the next upside target. Closes below below last-Friday's low crossing at 23.55 would confirm that a short-term top has been posted.                 

October sugar closed lower on Wednesday as it extends the decline off August's high. The low-range close set the stage for a steady to lower opening on Thursday. 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 12.79 confirms that a short-term top has been posted while opening the door for a test of the 50-day moving average crossing at 12.25. If October resumes the rally off April's low, the 75% retracement level of the February-April-decline crossing at 13.63 is the next upside target.               

December cotton closed slightly lower on Wednesday as it consolidated some of the rally off April's low. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging 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 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target. Closes below the 50-day moving average crossing at 62.48 would confirm that a short-term top has been posted.