KEY EVENTS TO WATCH FOR:

Friday, September 25, 2020 

8:30 AM ET. August Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (expected +1.8%; previous +11.2%)

                       Dur Goods, Ex-Defense, M/M% (previous +9.9%)

                       Dur Goods, Ex-Transport, M/M% (previous +2.4%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.9%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% Ex-Air, M/M% (previous +2.4%)

Monday, September 28, 2020 

10:30 AM ET. September Texas Manufacturing Outlook Survey

                       Business Activity (previous 8.0)

                       Mfg Production Idx (previous 3.1)

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

The Dow posted closed higher on Thursday leaving yesterday's key reversal down unconfirmed. The mid-range close sets the stage for a steady to higher opening when Friday'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 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 signal that a short-term low has been posted. 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 Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 11,426.15 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 11,426.15. 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 slightly higher on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 July 24^th low crossing at 3217.00 is the next downside target. Closes above the 20-day moving average crossing at 3380.41 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 3380.41. Second resistance is September's high crossing at 3568.80. First support is today's low crossing at 3210.88. Second support is the 38% retracement level of the March-September-rally crossing at 3049.78.

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December T-bonds closed up 13/32's at 176-28.

December T-bonds closed higher on Thursday while extending this month's trading range. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 177-20 are needed to confirm that a short-term low has been posted. If December renews the decline off September's high, the August 28^th low crossing at 173-16 is the next downside target. First resistance is the 50-day moving average crossing at 177-20. 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 up 15-pts. at 139.175.

December T-notes closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 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 ""

November crude oil closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $41.46 would signal that a short-term low has been posted. If November renews this month's decline, the June 12^th low crossing at $35.54 is the next downside target. First resistance is the 50-day moving average crossing at $41.46. Second resistance is August's high crossing at $43.78. First support is September's low crossing at $36.58. Second support is the June 12th low crossing at $35.54. 

November heating oil posted an inside day with a higher close on Thursday. The high-range close sets the stage for a steady to high opening when Friday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing  at $115.78 would confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at $115.78. Second resistance is the 50-day moving average crossing at $123.33. 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 closed higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 November renews the rally off September's low, August's high crossing at 124.62 is the next upside target. Closes below Tuesday's low crossing at 113.17 would confirm that a short-term top has been posted. 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 closed higher on Thursday as it extends Wednesday's rally above the 20-day moving average crossing at 2.803. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off last-Thursday's low, September's high crossing at 3.002 is the next upside target. If November renews this month's decline, the July 31st low crossing at 2.404 is the next downside target. First resistance is today's high crossing at 2.928. Second resistance is September's high crossing at 3.002. First support is last-Thursday's low crossing at 2.496. Second support is the July 31^st low crossing at 2.404.  

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

The December Dollar closed slightly lower on Thursday as it consolidates some of this week's rally. The mid-range close sets the stage for a steady to lower opening when Friday'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 this week's rally, the 25% retracement level of the March-September-decline crossing at 94.72 is the next upside target. Closes below Monday's low crossing at 92.75 would signal that a short-term top has been posted. First resistance is today's high crossing at 94.66. 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 Thursday as it consolidated some of this week's decline.  The mid-range close sets the stage for a steady to slightly higher opening when Friday'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 week's decline, the 38% retracement level of the March-September-rally crossing at 115.42 is the next downside target. Closes above Monday's high crossing at 118.94 would confirm that a short-term low has been posted. 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 today's low crossing at 116.46. Second support is the 38% retracement level of the March-September-rally crossing at 115.42.  

The December British Pound closed slightly higher on Thursday as it consolidated some of the decline off September's high. The mid-range close sets the stage for a steady to slightly higher opening when Friday'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 1.3026 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3026. 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 50% retracement level of the March-September rally crossing at 1.2502. 

The December Swiss Franc closed sharply lower on Thursday as it extends the decline off September's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the 38% retracement level of the March-August-rally crossing at 1.0789 is the next downside target. Closes above the 20-day moving average crossing at 1.0993 would signal that a short-term low has been posted. First resistance is September's high crossing at 1.1081. Second resistance is August's high crossing at 1.1138. First support is today's low crossing at 1.0799. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789.

The December Canadian Dollar closed slightly higher on Thursday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 July 20^th low crossing at 74.35 is the next downside target. Closes above the 20-day moving average crossing at 75.90 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 75.90. Second resistance is September's high crossing at 76.97. First support is today's low crossing at 74.55. Second support is the 38% retracement level of the March-September-rally crossing at 73.72. 

The December Japanese Yen closed lower on Thursday as it extended this month's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0948 would confirm that a short-term top has been posted. If December renews 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 20-day moving average crossing at 0.0948. Second support is the 50-day moving average crossing at 0.0945.  

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

October gold closed slightly higher on Thursday as it consolidated some of this week's decline.The mid-range close sets the stage for a steady to slightly higher opening when Friday'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 week's decline, the 38% retracement level of the March-August-rally crossing at $1841.50 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 today's low crossing at $1843.00. Second support is the 38% retracement level of the 2018-2020-rally crossing at $1841.50.

December silver closed slightly higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday'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-August-rally crossing at 20.953 is the next downside target. Closes above the 20-day moving average crossing at 26.644 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 26.645. Second resistance is September's high crossing at 29.235. First support is today's low crossing at 21.810. Second support is the 50% retracement level of the March-August-rally crossing at 20.953.   

December copper closed slightly higher on Thursday but remains below the 50-day moving average crossing at 297.07. The high-range close sets the stage for a steady to higher opening when Friday'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 this week's decline, August's low crossing at 279.60 is the next downside target. If December renewed the rally off March'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 today's low crossing at 296.45. Second support is August's low crossing at 279.60.

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

December Corn closed down $0.05 1/4-cents at $3.63 1/4. 

December corn closed lower on Thursday as it extends this week's decline and closed below the 20-day moving average crossing at $3.64 1/2 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews 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 today's low crossing at $3.63. Second support is September's low crossing at $3.51.    

December wheat closed up $0.02-cents at $5.51.  

December wheat closed higher on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI 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 open the door for a larger-degree decline near-term. If December renews the rally off June's low, the 87% retracement level of the March-June-decline crossing at $5.84 is the next upside target. 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 $5.36. Second support is the reaction low crossing at $5.24.       

December Kansas City Wheat closed up a $0.00 1/2-cent at $4.84 1/2.

December Kansas City wheat closed fractionally higher on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to slightly higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower 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 20-day moving average crossing at $4.79 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 $4.79. Second support is the 50-day moving average crossing at $4.59 1/4.      

December Minneapolis wheat closed up $0.01 3/4-cents at $5.34 3/4.

December Minneapolis wheat closed higher on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 last-Tuesday's low crossing at crossing at $5.22 1/2 would confirm that a short-term top has been posted. If December renews 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 $0.15 3/4-cents at $9.98 3/4.

November soybeans closed lower on Thursday 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 Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $9.87 1/2 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 20-day moving average crossing at $9.87 1/2. Second support is September's low crossing at $9.42 3/4.

December soybean meal closed down $8.60 to $336.00. 

December soybean meal closed lower on Thursday. 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 overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. If December resumes 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 $322.70 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $348.60. Second resistance is monthly resistance crossing at $354.50. First support is the 10-day moving average crossing at $332.70. Second support is the 20-day moving average crossing  at $322.70.       

December soybean oil closed down 41-pts. at 32.39. 

December soybean oil closed lower on Thursday as it extended this week's decline. The mid-range close sets the stage for a steady to lower opening when Friday'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. Closes below the 50-day moving average crossing at 32.04 would open the door for additional weakness near-term. If December resumes the rally off April's low, the December 2019 high crossing at 36.41 is the next upside target. First resistance is last-Friday's high crossing at 35.49. Second resistance is the December 2019-high crossing at 36.41. First support is the 50-day moving average crossing at 32.04. Second support is August's low crossing at 30.29 is the next downside target.      

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

October hogs closed down $0.29 at $69.23. 

October hogs closed lower on Thursday. 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 overbought but remain  neutral to higher signaling that sideways to higher prices are possible near-term. If October extends the rally off June's 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 $62.30 would signal that a short-term top has been posted. First resistance is September's high crossing at $69.55. 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 $66.69. Second support is the 20-day moving average crossing at $62.30.     

October cattle closed up $0.85 at $108.00 

October cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 September's low, August's high crossing at $111.15 is the next upside target. Closes below the 20-day moving average crossing at $106.03 would signal that short-term top has been posted. First resistance is today's high crossing at $108.20. 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 $0.68-cents at $142.20. 

October Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If October resumes the rally off September's low, August's high crossing at $150.20 is the next upside target. If October renews the decline off last week's high, September's low crossing at $137.25 is the next downside 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 slightly higher on Thursday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening on Friday. 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 12.34 would confirm that a short-term low has been posted. 

December cocoa closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off Monday's high, the 50-day moving average crossing at 24.71 is the next downside target. 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 slightly higher on Thursday. The mid-range close set the stage for a steady to higher opening on Friday. 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 13.28 is the next upside target. Closes below the 20-day moving average crossing at 12.38 would signal that a short-term top has been posted.          

December cotton closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 64.00 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.