KEY EVENTS TO WATCH FOR:

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/ex?changes/?c=indexes

The Dow posted an inside day with a higher close on Tuesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends 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 last-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 25% retracement level of the March-September-rally crossing at 26,464.30. Second support is the 38% retracement level of the March-September-rally crossing at 25,010.37.  

The December NASDAQ 100 closed higher on Tuesday as it consolidated some of the decline off September's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 11,521.34 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 11,521.34. Second resistance is September's high crossing at 12,465.25. First support is Monday's low crossing at 10,656.50. Second support is the38% retracement level of the March-September-rally crossing at 10,354.13.  

The December S&P 500 closed higher on Tuesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 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 3408.99 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 3408.99. Second resistance is September's high crossing at 3568.80. First support is Monday's low crossing at 3232.36. 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 1/32's at 176-18.

December T-bonds closed lower on Monday. The mid-range close sets the stage for a steady opening when Wednesday's night 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 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 177-22 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 177-22. 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 5-pts. at 139.180.

December T-notes closed slightly lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off August's low, August's high crossing at 140.110 is the next upside target. If December resumes the decline off September's high, the September 4^th low crossing at 139.000 is the next downside 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 Tuesday as it extended Monday's decline. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $41.24 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 $41.24. 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 12th low crossing at $35.25. 

October heating oil closed lower on Tuesday as it extended Monday's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at $115.67 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 $115.67. Second resistance is the 50-day moving average crossing at $122.16. 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 lower on Tuesday as it consolidates some of the rally off September'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 sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 115.53 would confirm that a short-term top has been posted. If October renews 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 closed lower on Tuesday as it extended this month's decline. 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 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 2.357 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.162. Second resistance is the 20-day moving average crossing at 2.357. First support is Monday's low crossing at 1.795. 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 higher on Tuesday marking a potential upside breakout of the July-September trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. 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 today's high crossing at 94.12. 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 lower on Tuesday and below the August 3^rd low crossing at 117.29 marking a downside breakout of the August-September trading range. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the August 3^rd low crossing at 117.29 would confirm a downside breakout of the August-September trading range. 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 25% retracement level of the March-September-rally crossing at 117.13. Second  support is the 38% retracement level of the March-September-rally crossing at 115.42.  

The December British Pound closed lower on Tuesday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 50% retracement level of the March-September rally crossing at 1.2502. Closes above the 20-day moving average crossing at 1.3071 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3071. Second resistance is September's high crossing at 1.3488. First support isthe 38% retracement level of the March-September rally crossing at 1.2733. Second support is the 50% retracement level of the March-September rally crossing at 1.2502. 

The December Swiss Franc closed lower on Tuesday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, August's low crossing at 1.0859 is the next downside target. Closes above the 20-day moving average crossing at 1.1015 would temper the near-term bearish outlook. 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 today's low crossing at 1.0886. Second support is August's low crossing at 1.0859.

The December Canadian Dollar closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 August'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 the 20-day moving average crossing at 76.02. Second resistance is September's high crossing at 76.97. 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 closed lower on Tuesday as it consolidated some of this month's rally. 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 short-term top might be in or is near. Closes below the 20-day moving average crossing at 0.0947 would confirm that a short-term top has been posted. If December extends the rally off August's low, the 75% retracement level of the February-March high crossing at 0.0968 is the next upside target. First resistance is Monday's high crossing at 0.0963. Second resistance is the 75% retracement level of the February-March high crossing at 0.0968. First support is the 10-day moving average crossing at 0.0950. Second support is the 20-day moving average crossing at 0.0947.  

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

October gold closed lower on Wednesday as it extends the trading range of the past seven-weeks.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 neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, the 38% retracement level of the 2018-2020-rally crossing at $1775.80 is the next downside target. Closes above last-Wednesday's high crossing at $1975.40 would confirm that a short-term low has been posted. First resistance is September's high crossing at $1992.50. Second resistance is the August 18^th high crossing at $2016.60. Third 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 Tuesday as it extends the August-September trading range. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 August's low crossing at 23.800 would confirm a downside breakout of the August-September trading range. Closes above the 20-day moving average crossing at 27.073 would signal that a short-term low has been posted. First resistance is September's high crossing at 29.235. Second resistance is August's high crossing at 30.190. First support is Monday's low crossing at 25.780. Second support is the July 28^th low crossing at 22.705.   

December copper posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 50-day moving average crossing at 296.97 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 323.02 is the next upside target. First resistance is Monday's high crossing at 312.10. 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 296.97. Second support is August's low crossing at 279.60.

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

December Corn closed down $0.00 1/2-cents at $3.69 1/4. 

December corn closed fractionally lower on Tuesday as it consolidates some of the rally off August's low.The mid-range close sets the stage for a steady opening when Wednesday's night sessions begins trading. Stochastics and the RSI are overbought and 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 confirm 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 closed up $0.04-cents at $5.58 3/4.  

December wheat closed higher on Tuesday as it consolidated some of Monday's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI turned neutral to bearish signaling that sideways to lower 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 $5.35 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 $5.35 3/4. Second support is the reaction low crossing at $5.24.       

December Kansas City Wheat closed up $0.05 1/2-cents at $4.92 3/4.

December Kansas City wheat posted an inside day with a higher close on Tuesday as it consolidated some of Monday's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 $4.58 1/4 would confirm that a short-term top has been posted. First resistance is Monday'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 $4.76 1/2. Second support is the 50-day moving average crossing at $4.58 1/4.     

December Minneapolis wheat closed up $0.05-cents at $5.39 3/4. 

December Minneapolis wheat posted an inside day with a higher close on Tuesday as it consolidated some Monday's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 Tuesday's low crossing at $5.22 1/2 would confirm that a short-term top has been posted. If December extends the rally off August's low, the April 4^th high crossing at $5.67 is the next upside target. 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 last-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 down $0.02 3/4-cents at $10.19 3/4.

November soybeans closed lower on Tuesday as it consolidates some of this month's rally off August'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 overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $9.79 1/4 would confirm that a short-term top has been posted. 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. First resistance is last-Friday'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 $10.06 3/4. Second support is the 20-day moving average crossing at $9.79 1/4.

December soybean meal closed up $2.80 to $340.90. 

December soybean meal posted a key reversal up on Tuesday 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 Wednesday'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 $318.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at $344.70. Second resistance is monthly resistance crossing at $354.50. First support is the 10-day moving average crossing at $328.30. Second support is the 20-day moving average crossing  at $318.70.       

December soybean oil closed down 56-pts. at 33.64. 

December soybean oil closed lower on Tuesday as it extends Monday's decline. 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 neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 33.59 would confirm that a short-term top has been posted. If December extends the rally off April's low, the December 2019 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 the December 2019-high crossing at 36.41. First support is the 20-day moving average crossing at 33.59. Second support is the 50-day moving average crossing at 31.90.      

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

October hogs closed up $2.73 at $68.33. 

October hogs gapped up and closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 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 $60.95 would signal that a  short-term top has been posted. First resistance is September'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 $65.40. Second support is the 20-day moving average crossing at $60.95.     

October cattle closed down $0.38 at $106.33 

October cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average  crossing at $106.05 would signal that short-term top has been posted. If October extends the rally off September's low, August's high crossing at $111.15 is the next upside target. First resistance is last-Friday'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 down $1.88-cents at $140.38. 

October Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 last week's high, September's low crossing at $137.25 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 last-Wednesday's high crossing at $144.00. Second resistance is August's high crossing at $150.20. First support is September'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 Tuesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 75% retracement level of the June-September rally crossing at 10.65 is the next downside target. Closes above the 20-day moving average crossing at 12.46 would confirm that a short-term low has been posted. 

December cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 25.96 confirms that a short-term top has been posted. 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.                    

October sugar closed higher on Tuesday as it extends last-week's rally. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the decline off August' high, the July 24^th low crossing at 11.48 is the next downside target.                

December cotton posted an inside day with a higher close on Tuesday. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 63.88 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.