KEY EVENTS TO WATCH FOR:

Monday, September 21, 2020  

8:30 AM ET. August-September CFNAI Chicago Fed National Activity Index

                       NAI (previous 1.18)

                       NAI, 3-mo Moving Avg (previous 3.59)

  N/A              U.S. Treasury Market Annual Conference

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

The Dow closed lower on Friday as it extends the trading range of the past two-weeks. Today's decline was triggered by heavy selling pressure, led by declines in large-capitalization technology-related companies. The low-range close sets the stage for a steady to lower opening when Monday'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 the Dow renews the decline off September's high, the 25% retracement level of the March-September-rally crossing at 26,464.30 is the next downside target. Close above Wednesday's high crossing at 28,364.77 would temper the near-term bearish outlook. First resistance is September's high crossing at 29,199.35. Second resistance is February's high crossing at 29,568.57. First support is the 50-day moving average crossing at 27,471.39. Second support is the 25% retracement level of the March-September-rally crossing at 26,464.30.  

The December NASDAQ 100 closed lower on Friday marking a downside breakout of a two-week old trading range while renewing the decline off September's high. The low-range close sets the stage for a steady to lower opening when Monday'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 extends the decline off September's high, the 38% retracement level of the March-September-rally crossing at 10,354.13 is the next downside target. Closes above the 20-day moving average crossing at 11,570.06 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 11,572.06. Second resistance is September's high crossing at 12,465.25. First support is today's low crossing at 10,742.00. Second support is the38% retracement level of the March-September-rally crossing at 10,354.13.  

The December S&P 500 closed lower on Thursday as it extends a two-week old trading range. 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. If December resumes the decline off September's high, the 25% retracement level of the March-September-rally crossing at 3228.49 is the next downside target. Closes above the 20-day moving average crossing at 3416.52 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 3416.52. Second resistance is September's high crossing at 3568.80. First support is last-Friday's low crossing at 3323.30. Second support is the 25% retracement level of the March-September-rally crossing at 3228.49.

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December T-bonds closed closed down 16/32's at 175-31.

December T-bonds closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off September's high, the August 28^th low crossing at 173-16 is the next downside target. Multiple closes above the 50-day moving average crossing at 177-24 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 177-24. Second resistance is August's high crossing at 181-17. First support is the August 28^th low crossing at 173-16. Second  support is the June 5^th low crossing at 171-16.

December T-notes closed down 30 pts. at 139.115.

December T-notes closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off September's high, the September 4^th low crossing at 139.000 is the next downside target. If December renews the rally off August's low, August's high crossing at 140.110 is the next upside target. First resistance is September's high crossing at 139.290. Second resistance is August's high crossing at 140.110. First support is the August 28th low crossing at 138.185. Second support is the June 5th low crossing at 137.025.           

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

October crude oil closed slightly lower on Friday as consolidates some of the rally off last-Tuesday's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins. 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 $41.28 would signal that a short-term low has been posted. If October renews this month's decline, the June 12^th low crossing at $35.25 is the next downside target. First resistance is the 50-day moving average crossing at $41.28. Second resistance is August's high crossing at $43.78. First support is last-Tuesday's low crossing at $36.13. Second support  isthe June 12th low crossing at $35.25. 

October heating oil closed lower on Friday as it consolidates some of the rally off the September 8^th low crossing at $106.05. The mid-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $117.08 would confirm that a short-term low has been posted. If October renews the decline off August's high, the 75% retracement level of the April-August-rally crossing at $100.45 is the next downside target. First resistance is the 20-day moving average crossing at $117.08. Second resistance is the 50-day moving average crossing at $122.76. First support is the 62% retracement level of the April-August-rally crossing at $106.01. Second support is the 75% retracement level of the April-August-rally crossing at $100.45.

October unleaded gas closed higher on Friday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Monday's night 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-Friday's low, August's high crossing at 129.41 is the next  upside target. Closes below the 20-day moving average crossing at 114.78 confirms that a short-term low has been posted. First resistance is today's high crossing at 123.82. Second resistance is September's high crossing at 129.41. Third resistance is 62% retracement level of the January-March-decline decline crossing at 130.29. First support is last-Friday's low crossing at 107.55. Second support is the July 30^th low crossing at 106.14.  

October Henry natural gas closed higher on Friday as it consolidated some of this month's decline. The  high-range close sets the stage for a steady to higher opening when Monday'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 October extends this month's decline, the July 20th low crossing at 1.768 is the next downside target. Closes above the 20-day moving average crossing at 2.431 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.286. Second resistance is the 20-day moving average crossing at 2.431. Third  resistance is August's high crossing at 2.743. First support is today's low crossing at 1.926. Second support is the July 20^st low crossing at 1.768.  

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

The December Dollar closed slightly higher on Friday while extending the July-September trading range. The high-range close sets the stage for a steady to slightly higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. If December 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 93.92 are needed to confirm that a short-term low has been posted. First resistance is the August 3^rd high crossing at 93.92. Second resistance is the 25% retracement level of the March-September-decline crossing at 94.72. First support is September's low crossing at 91.75. Second support is long-term support on the monthly continuation chart crossing at 90.21. 

The December Euro closed slightly higher on Friday while extending the August-September trading range. The mid-range close sets the stage for a steady to slightly higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the August 3^rd low crossing at 117.29 would confirm that a short-term top has been posted. If December renews the rally off March's low, the 50% retracement level of the 2018-2020 decline crossing at 121.47 is the next upside target. First resistance is September's high crossing at 120.38. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at 121.47. First support is the 50-day moving average crossing at 117.75. Second  support is the August 3rd low crossing at 117.29.  

The December British Pound closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3101 would signal that a short-term low has been posted. If December renews this month's decline, the 38% retracement level of the March-September rally crossing at 1.2733. First resistance is the 20-day moving average crossing at 1.3101. Second resistance is September's high crossing at 1.3488. First support is the 38% retracement level of the March-September rally crossing at 1.2733. Second support is the July 14^th low crossing at 1.2497 is the next downside target. 

The December Swiss Franc closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the rally off May's low, the 62% retracement level of the 2018-2020 crossing at 1.1241 is the next upside target. Closes below last-Tuesday's low crossing at 1.0901 are needed confirm that a short-term top has been posted. First resistance is September's high crossing at 1.1138. Second resistance is the 62% retracement level of the 2018-2020 crossing at 1.1241. First support is last-Tuesday's low crossing at 1.0901. Second support is August's low crossing at 1.0859.

The December Canadian Dollar closed lower on Friday as it extends the trading range of the past eight- days. The low-range close sets the stage for a steady to lower opening when Monday's night session  begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews the decline off August's high, the 50-day moving average crossing at 75.29 is the next downside target. If December renews the rally off March's low, January's high crossing at 77.28 is the next upside target. First resistance is September's high crossing at 76.97. Second resistance is January's high crossing at 77.28. First support is the 50-day moving average crossing at 75.29. Second support is August's low crossing at 74.38.  

The December Japanese Yen closed higher on Friday as it extends this week's rally above the August-September trading range crossing at 0.0953. The mid-range close sets the stage for a steady to higher opening when Monday’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 0.0961 is the next upside target. Closes below the 50-day moving average crossing at 0.0944 wold confirm that a short-term top has been posted. First resistance is today's high crossing at 0.0960. Second resistance is July's high crossing at 0.0961. First support is the 50-day moving average crossing at 0.0944. Second support is August's low crossing at 0.0936. Third support is the July 20^th low crossing at 0.0932.

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

October gold closed higher on Friday as it extends the trading range of the past six-weeks.The low-range close sets the stage for a steady to lower opening when Monday'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 last-Tuesday's low crossing at $1904.60 would open the door for a possible test of the 25% retracement level of the 2018-2020-rally crossing at $1882.10. If October resumes the rally off August's low, August's high crossing at $2078.00 is the next upside target. First resistance is the August 18^th 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 38% retracement level of the 2018-2020-rally crossing at $1775.80.

December silver closed lower on Friday as it extends the August-September trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the 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-Tuesday's low crossing at 25.985 would confirm that a short-term top has been posted. First resistance is August's high crossing at 30.190. Second resistance isthe 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727. First support is last-Tuesday's low crossing at 25.985. Second support is the 50-day moving average crossing at 25.619.   

December copper closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night 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. If December extends the rally off August's low, the 87% retracement level of the 2018-2020 decline crossing at 323.02 is the next upside target. Closes below the 50-day moving average crossing at 296.44 would confirm that a short-term top has been posted. First resistance is today's high crossing at 311.75. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at 323.02. First support is the 50-day moving average crossing at 296.44. Second support is August's low crossing at 279.60.

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

December Corn closed up $0.03-cents at $3.78 1/4. 

December corn closed higher on Friday as it extends the rally off August's low.The high-range close sets the stage for a steady to higher opening when Monday'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 62% retracement level of the 2019-2020-decline crossing at $3.84 1/4 is the next upside target. Closes below the 20-day moving average crossing at $3.60 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $3.79 1/4. Second resistance is the 62% retracement level of the 2019-2020-decline crossing at $3.84 1/4. First support is the 20-day moving average crossing at $3.60 3/4. Second support is September's low crossing at $3.51.    

December wheat closed up $0.21-cents at $5.77 1/4.  

December wheat closed sharply higher on Friday as it renewed the rally off June's low. Solid  demand fundamentals along with ongoing concerns over production potential for major producers such as Argentina and France. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 87% retracement level of the March-June-decline crossing at $5.84 is the next upside target. Closes below the 50-day moving average crossing at $5.34 3/4 would open the door for a larger-degree decline near-term. First resistance is the 87% retracement level of the March-June-decline crossing at $5.84. Second resistance is January's high crossing at $5.92 1/2. First support is the 50-day moving average crossing at $5.34 3/4. Second support is the reaction low crossing at $5.24.       

December Kansas City Wheat closed up $0.18 1/2-cents at $5.06.

December Kansas City wheat closed sharply higher on Friday as it renewed the rally off August's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turning neutral to bullish signaling that sideways to higher prices are possible. If December resumes the rally off August's low, the 50% retracement level of the 2018-2020-decline crossing at $5.26 3/4 is the next upside target. Closes below the 50-day moving average crossing at $4.57 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $5.07 1/2. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $5.26 3/4. First support is the 20-day moving average crossing at $4.72 1/2. Second support is the 50-day moving average crossing at $4.57 1/4.     

December Minneapolis wheat closed up $0.09 3/4-cents at $5.51 1/4.

December Minneapolis wheat closed higher on Friday as it renewed the rally off August's. The high-range close sets the stage for a steady to higher opening when Monday'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 extends the rally off August's low, the April 4^th high crossing at $5.67 is the next upside target. Closes below Tuesday's low crossing at Tuesday's low crossing at $5.22 1/2 would confirm that a short-term top has been posted. First resistance is June's high crossing at $5.54 1/4. Second resistance is the April 4^th high crossing at $5.67. First support is Tuesday's low crossing at $5.22 1/2. 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 $0.15 1/4-cents at $10.43 3/4.

November soybeans closed higher on Friday as it extends this month's rally off August's low. The high-range close sets the stage for a steady to higher opening when Monday'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 extends this summer's rally, monthly resistance on the weekly continuation chart crossing at $10.82 1/2 is the next upside target. Closes below the 20-day moving average crossing at $9.67 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $10.46 3/4. Second resistance is monthly resistance on the monthly continuation chart crossing at $10.82 1/2. First support is the 10-day moving average crossing at $9.97. Second support is the 20-day moving average crossing at $9.67 3/4.

December soybean meal closed up $6.80 to $342.10. 

December soybean meal closed sharply higher on Friday and posted a new contract high as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought are remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, monthly resistance crossing at $354.50 is the next upside target. Closes below the 20-day moving average crossing at $314.50 would confirm that a short-term top has been posted. First resistance is today's high crossing at $343.70. Second resistance is monthly resistance crossing at $354.50. First support is the 10-day moving average crossing at $323.70. Second support is the 20-day moving average crossing  at $314.50.       

December soybean oil closed up 29-pts. at 35.15. 

December soybean oil closed higher on Friday and above the 87% retracement level of the December-March-decline crossing at 35.07. The mid-range close sets the stage for a steady to higher opening when Monday'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 December 2019 high crossing at 36.41 is the next upside target. Closes below the 20-day moving average crossing at 33.38 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the December-March-decline crossing at 35.07. Second resistance is the December 2019-high crossing at 36.41. First support is the 20-day moving average crossing at 33.38. Second support is the 50-day moving average crossing at 31.69.      

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

October hogs closed down $0.20 at $66.50. 

October hogs closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 extends the rally off the July 31^st low, the 62% retracement level of the 2019-2020-decline crossing at $72.53 is the next upside target. Closes below the 20-day moving average crossing at $59.69 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $66.90. Second resistance is the 62% retracement level of the 2019-2020-decline crossing at $72.53. First support is the 10-day moving average crossing at $63.97. Second support is the 20-day moving average crossing at $59.69.     

October cattle closed up $0.63 at $107.40 

October cattle closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. 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 September's low, August's high crossing at $111.15 is the next upside target. Closes below the 10-day moving average  crossing at $106.11 would signal that short-term top has been posted. First resistance is today's high crossing at $107.97. Second resistance is August's high crossing at $111.15. First support is September's low crossing at $103.37. Second support is the July 15^th low crossing at $102.65. 

October Feeder cattle closed up $0.75-cents at $142.20. 

October Feeder cattle closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off August's high, July's low crossing at $132.38 is the next downside target. If October resumes the rally off September's low, August's high crossing at $150.20 is the next upside target. First resistance is Wednesday's high crossing at $144.00. Second resistance is August's high crossing at $150.20. First support is last-Wednesday's low crossing at $137.25. Second support is July's low crossing at $132.38.        

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

December coffee closed lower on Friday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the August 11^th low crossing at 11.22 is the next downside target. Closes above the 20-day moving average crossing at 12.54 would confirm that a short-term low has been posted. 

December cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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's low, the 87% retracement level of the February-July-decline crossing at 27.14 is the next upside target. Closes below the 20-day moving average crossing at 25.81 would confirm that a short-term top has been posted.                   

October sugar closed higher on Friday as it extends this week's rally. 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. If October renews the decline off August' high, the July 24^th low crossing at 11.48 is the next downside target.                

December cotton closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 63.82 would confirm that a short-term top has been posted. 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.