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/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 and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 11,517.29 would signal that a short-term low has been posted. 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. First resistance the 20-day moving average crossing at 11,496.36. 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 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 July 24^th low crossing at 3193.20 is the next downside target. Closes above the 20-day moving average crossing at 3396.88 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3396.88. 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 lower overnight as it extends this month trading range. The low-range he stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 177-20 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 177-20. Second resistance is September's high crossing at 178-17. First support is the September 10^th low crossing at 175.00. Second support is the August 28th low crossing at 173-16.

December T-notes were steady to slightly lower overnight as it extends the August-September trading range. The low-range overnight trade sets the stage for a steady to lower 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 ""

November crude oil was slightly higher overnight.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 signaling that sideways trading is possible near-term. Closes below the 10-day moving average crossing at $39.35 would open the door for a possible test of September's low crossing at $36.58. Closes above the 50-day moving average crossing at $41.49 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $41.49. Second resistance is August's high crossing at $44.05. First support is September's low crossing at $36.58. Second support is the June 12^th low crossing at $35.54.  

November heating oil was slightly higher in late-overnight trading as it consolidated some of this week'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If November renews the decline off August's high, the 75% retracement level of the April-August-rally crossing at $103.63 is the next downside target. Closes above the 20-day moving average crossing at $116.58 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $116.58. Second resistance is the 50-day moving average crossing at $123.66. First support is the 62% retracement level of the April-August-rally crossing at 108.97. Second support is the 75% retracement level of the April-August-rally crossing at $103.63.  

November unleaded gas was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady 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 $114.22 would signal that a short-term top has been posted. If November resumes the rally off September's low, August's high crossing at $124.62 is the next upside target. First resistance is last-Friday's high crossing at $121.42. Second resistance is August's high crossing at $124.62. First support is September's low crossing at $106.60. Second support is the July 30^th low crossing at $105.01.    

November Henry natural gas was slightly lower overnight. The high-range overnight trade sets the stage for a steady to slightly 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. If November extends this month's decline, the July 31st low crossing at 2.404 is the next downside target. Closes above the 20-day moving average crossing at 2.786 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.671. Second resistance is the 20-day moving average crossing at 2.786. First support is last-Thursday's low crossing at 2.496. Second support is the July 31st low crossing at 2.404.      

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

CURRENCIES:The December Dollar was steady to slightly higher overnight as it extends this week's rally. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the August 3rd high crossing at $93.92 would confirm an upside breakout of the August-September trading range. 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 steady to 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 oversold but remain 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 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 August 3rd crossing at $117.29. Second support is the 38% retracement level of the March-August-rally crossing at $115.42.

The December British Pound was steady to slightly lower in overnight trading as it extends this month's decline. The high-range overnight trade sets the stage for a steady to slightly lower 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 1.3050 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3050. 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 lower overnight as it extends this month's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, August's low crossing at 1.0859 is the next downside target. Closes above the 20-day moving average crossing at 1.1007 would signal that a short-term low has been posted. First resistance is the September 10^th high crossing at 1.1081. Second resistance is August's high crossing at 1.1138. First support is August's low crossing at 1.0859. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789.  

The December Canadian Dollar was lower overnight as it extends this month's decline. The low-range 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 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 75.97 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 lower overnight as it extends the this week's decline. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI have turning neutral to bearish hinting that a double top with July's high might have been posted with Monday's high. Closes below the 20-day moving average crossing at 0.0948 would signal that a short-term top has been posted. If December renews the rally off August's low, the 75% retracement level of March's decline crossing at 0.0969 is the next upside target. 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 0.0948. 

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 mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, August's low crossing at $1865.00 is the next downside target. Closes above the 50-day moving average crossing at $1940.40 would signal that a short-term low has likely been posted. First resistance is the September's high crossing at $1992.50. Second resistance is the August 18th high crossing at $2016.60. First support is August's low crossing at $1865.00. Second support is the July 14th low crossing at $1804.50.  

December silver was lower overnight and poised to breakout to the downside of the August-September trading range with a close below August's low crossing at $23.800. 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 oversold but remain 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 $26.917 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $26.917. Second resistance is September's high crossing at $29.235. First support is the overnight low crossing at $23.220. Second support is the July 28^th low crossing at $22.705. 

December copper was 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.9712 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 2.9712. Second support is August's low crossing at 2.7960. 

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

December corn was lower overnight as it consolidates some of the rally off August's low. The low-range trade sets the stage for a steady to lower opening when the day sessions 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 $3.64 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 $3.64. Second support is September's low crossing at $3.51.      

December wheat was lower overnight. 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 50-day moving average crossing at $5.36 would confirm that a short-term top has been posted. 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. 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 $5.36. Second support is the reaction low crossing at $5.24. 

December Kansas City wheat was steady to fractionally lower overnight. The mid-range close sets the stage for a steady to fractionally 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 $4.78 1/4 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 $4.78 1/4. Second support is the 50-day moving average crossing at $4.59.          

December Minneapolis wheat was steady to fractionally 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 last-Tuesday's low crossing at $5.22 1/2 would confirm that a short-term top has been posted. If December renews 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 lower overnight as it consolidates some of this year's rally. The low-range 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 $10.10 1/2 would signal that a short-term top has been posted. If November extends this summer's rally, monthly resistance 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 crossing at $10.82 1/2. First support is the 10-day moving average crossing at $10.10 1/2. Second support is the 20-day moving average crossing at $9.84.  

December soybean meal was higher overnight as it extends the rally off August's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $330.80 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $345.10. Second resistance is monthly resistance crossing at $354.50. First support is the 10-day moving average crossing at $330.80. Second support is the 20-day moving average crossing at $320.90.   

December soybean oil was sharply lower overnight as it extends this week's decline. The low-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 33.63 would confirm that a short-term top has been posted. If December renews 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 33.63. Second support is the 50-day moving average crossing at 31.98.