KEY EVENTS TO WATCH FOR:

I will not be updating my report this afternoon as I have a dentist appointment to fix a cracked tooth.

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/exchanges/?c=indexes"

The STOCK INDEXES:The December NASDAQ 100 was lower overnight as it extends this week's trading range. 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 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 11,369.40 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at 11,369.40. 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 lower overnight as it remains poised to extend the decline off September's high. 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 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 3369.66 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3369.66. 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 higher overnight as it extends this month trading range. The high-range he stage for a steady to higher 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 50-day moving average crossing at 177-19 would confirm that a short-term low has been posted. If December renews the decline off August's high, August's low crossing at 173-16 is the next downside target. First resistance is the 50-day moving average crossing at 177-19. 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 higher overnight as it extends the August-September trading range. The high-range overnight trade sets the stage for a steady to higher opening with 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 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 lower overnight as it extends this week's 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $41.43 would signal that a short-term low has been posted. Closes below Monday's low crossing at $38.87 would open the door for a possible test of September's low crossing at $36.58. First resistance is the 50-day moving average crossing at $41.43. 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 lower in late-overnight trading. 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. 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 $115.12 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $115.12. Second resistance is the 50-day moving average crossing at $123.03. 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 lower overnight. The low-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 bullish signaling that sideways to higher prices are possible near-term. Closes below Tuesday's low crossing at $113.17 would open the door for additional weakness near-term. 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 lower overnight as it consolidates some of this week's rally. 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 bullish signaling that sideways to higher prices are possible near-term. If November extends this week's rally, 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 Thursday'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 31st low crossing at 2.404.      

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

CURRENCIES:The December Dollar was steady to higher overnight as it extends this week's rally. 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 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 the 20-day moving average crossing at 93.26 would confirm that a short-term top has been posted.First resistance is the 25% retracement level of the March-September-decline crossing at $94.72. Second resistance is the 38% retracement level of the March-September-decline crossing at $96.33. First support is Monday's low crossing at 92.75. Second support is September's low crossing at $91.75.

The December Euro was lower in overnight trading as it extends this week's downside breakout of the July-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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's downside breakout of the July-September trading range, the 38% retracement level of the March-August-rally crossing at $115.42 is the next downside target. Closes above the 20-day moving average crossing at $118.33 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $118.33. Second resistance is September's high crossing at $120.38. First support is Thursday's low crossing at $116.45. Second support is the 38% retracement level of the March-August-rally crossing at $115.42. 

The December British Pound was lower in overnight trading as it is poised to extend this month's decline. The low-range overnight trade sets the stage for a steady to 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 extends 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 1.3001 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3001. 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 lower overnight as it tested the 38% retracement level of the March-August-rally crossing at 1.0789. 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 December extends this month's decline, the 50% retracement level of the March-August-rally crossing at 1.0679 is the next downside target. Closes above the 20-day moving average crossing at 1.0981 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 the 38% retracement level of the March-August-rally crossing at 1.0789. Second support is the 50% retracement level of the March-August-rally crossing at 1.0679.

The December Canadian Dollar was steady to lower overnight. 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 38% retracement level of the March-September-rally crossing at 73.72 is the next downside target.Closes above the 20-day moving average crossing at 75.82 would signal that a short-term low has been posted.First resistance is the 20-day moving average crossing at 75.82. Second resistance is September's high crossing at 76.97. First support is Thursday'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 was lower overnight as it extends the this week'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 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 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 20-day moving average crossing at 0.0948. Second support is the 50-day moving average crossing at 0.0946. 

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

PRECIOUS METALS: October gold was lower overnight as it extends this week's downside breakout of 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, the 50% retracement level of the March-August-rally crossing at $1768.30 is the next downside target. Closes above the 50-day moving average crossing at $1941.50 would signal that a short-term low has 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 the 38% retracement level of the March-August-rally crossing at $1841.50. Second support is the 50% retracement level of the March-August-rally crossing at $1768.30.  

December silver was lower overnight as it extends this week's downside breakout of 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 oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends this week'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 $26.425 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $26.425. Second resistance is September's high crossing at $29.235. First support is Thursday's low crossing at $21.810. Second support is the 50% retracement level of the March-August-rally crossing at $20.953. 

December copper was lower overnight. 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. If December extends this week's decline, August's low crossing at 2.7960 is the next downside target. If December renews 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 August's low crossing at 2.7960. Second support is July's low crossing at 2.7220.

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

December corn was higher overnight as it consolidates some of this week's decline. The mid-range trade sets the stage for a steady to higher 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. Thursday's close below the 20-day moving average crossing at $3.65 signal that a short-term top has been posted. 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 Thursday's low crossing at $3.63. Second support is September's low crossing at $3.51.      

December wheat was lower overnight. 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 50-day moving average crossing at $5.36 would confirm that a short-term top has been posted. 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 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 lower overnight as it extends this week's decline. The low-range close 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 $4.79 1/2 would signal that a short-term top has been posted. 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. 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 $4.79 1/2. Second support is the 50-day moving average crossing at $4.59 1/2.          

December Minneapolis wheat was steady to fractionally lower overnight. 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 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 15th low crossing at $5.22 1/2. Second support is the August 24th low crossing at $5.19 1/4.   

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

November soybeans were steady to fractionally higher overnight as it consolidates some of 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 $9.90 1/2 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If November renews 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 20-day moving average crossing at $9.90 1/2. Second support is the 38% retracement level of the April-September-rally crossing at $9.64 1/4.  

December soybean meal 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 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 $333.70 would confirm that a short-term top has been posted. If December extends this summer's rally, monthly resistance crossing at $354.50 is the next upside target. 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 $333.70. Second support is the 20-day moving average crossing at $324.30.   

December soybean oil was higher due to short covering overnight as it consolidates some of this week's 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 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 32.09 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 33.90 would signal that a short-term low has been posted. 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 50-day moving average crossing at 32.09. Second support is August's low crossing at 30.29.

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.