KEY EVENTS TO WATCH FOR:

Tuesday, September 22, 2020  

7:45 AM ET. Weekly Chain Store Sales Index

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -1.6%)

                       Ret Sales Mo-to-Date, Y/Y% (previous -0.6%)

                       Latest Wk, Y/Y% (previous -1.2%)

10:00 AM ET. September Richmond Fed Business Activity Survey

                       Mfg Idx (expected 14; previous 18)

                       Shipments Idx (previous 22)

10:00 AM ET. August Existing Home Sales

                       Existing Sales (expected 6.05M; previous 5.86M)

                       Existing Sales, M/M% (expected +3.2%; previous +24.7%)

                       Unsold Homes Month's Supply (previous 3.1)

                       Median Price (USD) (previous 304100)

                       Median Home Price, Y/Y% (previous +8.5%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -9.5M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +3.8M)

                       Distillate Stocks, Net Chg (Bbls) (previous -1.1M)

Wednesday, September 23, 2020 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 776.7)

                       Composite Idx, W/W% (previous -2.5%)

                       Purchase Idx-SA (previous 317.7)

                       Purchase Idx-SA, W/W% (previous -0.5%)

                       Refinance Idx (previous 3289.4)

                       Refinance Idx, W/W% (previous -3.7%)

9:00 AM ET. July U.S. Monthly House Price Index

9:45 AM ET. September US Flash Manufacturing PMI

                       PMI, Mfg (expected 53.8; previous 53.6)

9:45 AM ET. September US Flash Services PMI

                       PMI, Services (expected 54.6; previous 54.8)

10:00 AM ET. SEC Open Meeting

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 496.045M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.389M)

                       Gasoline Stocks (Bbl) (previous 231.524M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.381M)

                       Distillate Stocks (Bbl) (previous 179.306M)

                       Distillate Stocks, Net Chg (Bbl) (previous +3.461M)

                       Refinery Usage (previous 75.8%)

                       Total Prod Supplied (Bbl/day) (previous 17.027M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.651M)

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

The STOCK INDEXES:The December NASDAQ 100 was higher overnight as it consolidated some of the decline off September's 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 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-August-rally crossing at 10,354.13 is the next downside target. Closes above the 20-day moving average crossing at 11,517.29 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at 11,517.29. Second resistance is September's high crossing at 12,465.25. First support is the 38% retracement level of the March-August-rally crossing at 10,354.13. Second support is the 50% retracement level of the March-August-rally crossing at 9,702.96.

The December S&P 500 was slightly higher overnight as it consolidates some of the decline off September's high. 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 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 25% retracement level of the March-August-rally crossing at 3228.49 is the next downside target. Closes above the 20-day moving average crossing at 3408.99 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3408.99. Second resistance is September's high crossing at 3524.50. First support is the 25% retracement level of the March-August-rally crossing at 3228.49. Second support is the 38% retracement level of the March-August-rally crossing at 3049.78.

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

INTEREST RATES: December T-bonds were steady to slightly higher overnight as it extends this month trading range. The mid-range he stage for a steady to slightly 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 renews the decline off August's high, August's low crossing at 173-16 is the next downside target. Closes above the 50-day moving average crossing at 177-22 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 177-22. Second resistance is September's high crossing at 178-17. First support is the August 28th low crossing at 173-16. Second support is the June 5th low crossing at 171-16.

December T-notes were steady overnight. The mid-range overnight trade sets the stage for a steady opening with the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above September's high crossing at 139.290 would renew the rally off August's low. Closes below the September 4th low crossing at 139.000 would confirm that a short-term top has been posted. 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 28^th low crossing at 138.185. Second support is the June 16^th low crossing at 138.135.  

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

October crude oil was higher overnight as it consolidates some of Monday's loss.The high-range overnight trade sets the stage for a steady to slightly 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 October renews the decline off August's high, the June 12^th low crossing at $35.25 is the next downside target. Closes above the 50-day moving average crossing at $41.25 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $41.25. Second resistance is August's high crossing at $43.78. First support is September's  low crossing at $36.13. Second support is the June 12^th low crossing at $35.25.  

October heating oil was slightly higher in late-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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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 upside target. Closes above the 20-day moving average crossing at $115.77 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $115.77. Second resistance is the 50-day moving average crossing at $122.20. 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 was steady to slightly lower overnight. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $115.69 would signal that a short-term top has been posted. If October extends the rally off September's low, August's high crossing at $129.41 is the next upside target.  First resistance is last-Friday's high crossing at $123.82. Second resistance is August's high crossing at $129.41. First support is September's low crossing at $107.55. Second support is the July 30^th low crossing at $106.14.    

October Henry natural gas was lower overnight as it extends this month's decline. 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 October extends the aforementioned decline, the July 20^th low crossing at 1.768 is the next downside target. Closes above the 20-day moving average crossing at 2.359 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.166. Second resistance is the 20-day moving average crossing at 2.359. First support is Monday's low crossing at 1.795. Second support is the July 20th low crossing at 1.768.      

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

CURRENCIES:The December Dollar was lower overnight as it extends the August-September trading range. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the August 3rd high crossing at $93.92 are needed to confirm that a short-term low has been posted. If December renews this year's decline, long-term support on the monthly continuation chart crossing at 90.21 is the next downside target.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 was slightly higher in overnight trading while extending the July-September trading range. The high-range overnight trade sets the stage for a steady to slightly 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. Closes below the August 3^rd low crossing at $117.29 would confirm a downside breakout of the July-September trading range. If December renews the rally off May'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 $117.92. Second support is the August 3rd crossing at $117.29.

The December British Pound was higher in overnight trading. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off September's high, the 50% retracement level of the March-September-rally crossing at 1.2502 is the next downside target. Closes above the 20-day moving average crossing at 1.3076 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3076. Second resistance is September's high crossing at 1.3483. First support is the 38% retracement level of the March-August-rally crossing at 1.2733. Second support is the 50% retracement level of the March-August-rally crossing at 1.2502.

The December Swiss Franc was steady to slightly 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the September 8^th low crossing at 1.0901 would open the door for a possible test of August's low crossing  at 1.0859. If December resumes the rally off April's low, the 62% retracement level of the 2018-2020 decline crossing at 1.1241 is the next upside target. First resistance is August's high crossing at 1.1138. Second resistance is the 62% retracement level of the 2018-2020 decline crossing at 1.1241. First support is September 8^th low crossing at 1.0901. Second support is August's low crossing at 1.0859.  

The December Canadian Dollar was slightly higher in late-overnight trading but remains below broken support marked by the 50-day moving average. The high-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 the decline off September's high, the 25% retracement level of the March-September-rally crossing at  74.86 is the next downside target.Closes above the 20-day moving average crossing at 76.02 would signal that a short-term low has been posted.First resistance is September's high crossing at 76.97. Second resistance is January's high crossing at 77.28. First support is the 25% retracement level of the March-September-rally crossing at 74.86. Second support is the 38% retracement level of the March-September-rally crossing at  73.72.

The December Japanese Yen was higher overnight as it extends the rally off August'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 and are turning neutral to bearish hinting that a double top with July's high might have been posted with Monday's high. If December extends the rally off August's low, the 75% retracement level of March's decline crossing at 0.0969 is the next upside target. Closes below the 20-day moving average crossing at 0.0947 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 0.0963. Second resistance is the 75% retracement level of March's decline crossing at 0.0969. First support is the 10-day moving average crossing at 0.0951. Second support is the 20-day moving average crossing at 0.0947. 

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

PRECIOUS METALS: October gold was lower overnight as it extends the August-September trading range. 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. Closes below the September 8th low crossing at $1904.60 would open the door for a possible test of August's low crossing at $1865.00. If October resumes the rally off August's low, the August 18th high crossing at $2016.60 is the next upside target. First resistance is the August 18th high crossing at $2016.60. Second resistance is August's high crossing at $2078.00. First support is Monday's low crossing at $1878.50. Second support is August's low crossing at $1865.00.  

December silver was lower overnight as it extends the August-September trading range. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below August's low crossing at $23.800 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at $27.065 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $27.065. Second resistance is September's high crossing at $29.235. First support is Monday's low crossing at $23.795. Second support is the July 28^th low crossing at $22.705. 

December copper was higher overnight as it consolidates some of Monday's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.9696 would confirm that a short-term top has been posted. If December extends the rally off August's low, the 87% retracement level of the 2018-2020 decline crossing at 3.2293 is the next upside target. First resistance is Monday's high crossing at 3.1210. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at 3.2302. First support is the 50-day moving average crossing at 2.9696. Second support is August's low crossing at 2.7960. 

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

December corn was steady to fractionally lower overnight as it consolidates some of the rally off August's low. The mid-range trade sets the stage for a steady to lower opening when the day sessions 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 $3.63 1/4 would signal that a short-term top has been posted. 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. First resistance is last-Friday'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 $3.63 1/4. Second support is September's low crossing at $3.51.      

December wheat was higher overnight as it consolidates some of Monday's sharp decline. 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 last-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 $5.35 3/4 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $5.78 1/4. Second resistance is the 87% retracement level of the March-June-decline crossing at $5.84. First support is the 50-day moving average crossing at $5.35 3/4. Second support is the reaction low crossing at $5.24. 

December Kansas City wheat was higher overnight as it consolidates some of Monday'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $4.76 1/2 would signal that a short-term top has been posted. If December extends 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. First resistance is Monday's high crossing at $5.09. 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 $4.76 1/2. Second support is the 50-day moving average crossing at $4.58 1/4.          

December Minneapolis wheat was higher overnight as it consolidates some of Monday's sharp decline. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $5.22 1/2 would confirm that a short-term top has been posted. If December extends last-week's rally, the March 27th high crossing at $5.69 1/4 is the next upside target. First resistance is June's high crossing at $5.54 1/4. Second resistance is the March 27^th high crossing at $5.54 1/4. First support is the September 24th low crossing at $5.19 1/4. Second support is August's low crossing at $5.06 1/2.   

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

November soybeans were steady to fractionally lower overnight as it consolidates some of this year's rally. The mid-range trade sets the stage for a steady to fractionally 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 November extends this summer's rally, monthly resistance crossing at $10.82 1/2 is the next upside target. Closes below the 10-day moving average crossing at $10.07 would signal that a short-term top has been posted.First resistance is last-Friday's high crossing at $10.46 3/4. Second resistance is monthly resistance crossing at $10.82 1/2. First support is the 10-day moving average crossing at $10.07. Second support is the 20-day moving average crossing at $9.79 1/4.  

December soybean meal was steady to slightly higher overnight. The mid-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 this summer's rally, monthly resistance crossing at $354.50 is the next upside target. Closes below the 10-day moving average crossing at $328.10 would confirm that a short-term top has been posted. First resistance is last-Friday'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 $328.10. Second support is the 20-day moving average crossing at $318.50.   

December soybean oil was lower overnight as it consolidates some of the rally off April's low. The mid-range 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. Closes below the 20-day moving average crossing at 33.61 would signal that a short-term top has been posted. If December extends the rally off April's low, last-December's high crossing at 36.41 is the next upside target. First resistance is the 87% retracement level of the December-March-decline crossing at 35.07. Second resistance is last-December's high crossing at 36.41. First support is the 20-day moving average crossing at 33.61. Second support is the 50-day moving average crossing at 31.91.