KEY EVENTS TO WATCH FOR:

Tuesday, September 29, 2020  

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. 2^nd Quarter U.S. International Investment Position

8:30 AM ET. August Advance Economic Indicators Report

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -0.9%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +0.1%)

                       Latest Wk, Y/Y% (previous +1.5%)

9:00 AM ET. July S&P CoreLogic Case-Shiller Indices

                       10-City Idx, M/M% (previous +0.1%)

                       10-City Idx, Y/Y% (previous +2.8%)

                       20-City Idx, M/M% (previous +0.2%)

                       20-City Idx, Y/Y% (previous +3.5%)

                       National Idx, M/M% (previous +0.6%)

                       National Idx, Y/Y% (previous +4.3%)

10:00 AM ET. September Consumer Confidence Index

                       Cons Conf Idx (expected 89.9; previous 84.8)

                       Expectation Idx (previous 85.2)

                       Present Situation Idx (previous 84.2)

3:15 PM ET. SEC Closed Meeting

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +0.7M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -7.7M)

                       Distillate Stocks, Net Chg (Bbls) (previous -2.1M)

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

The STOCK INDEXES:The December NASDAQ 100 was lower overnight due to political uncertainty and concerns about the economic impact of a second coronavirus wave. 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 bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 11,318.60 would signal that a short-term low has been posted. If December resumes 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 September 10^th high crossing at 11,554.00. 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 steady to slightly lower overnight as it consolidates some of the rally off  last-Friday's low. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading later this morning.Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3364.68 would signal that a short-term low has been posted. If December resumes the decline off September's high, the July 24^th low crossing at 3193.20 is the next downside target. First resistance is the 20-day moving average crossing at 3364.68. 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 mid-range he stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 177-17 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 177-17. 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 higher overnight as it extends the August-September trading range. The mid-range overnight trade sets the stage for a steady to slightly higher opening with the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above September's high crossing at 139.290 would confirm an upside breakout of this month's trading range while renewing 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 while opening the door for a possible test of August's low crossing at 138.185. 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 last-week's trading range.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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $41.41 would open the door for a possible test of August's high crossing at $44.05. Closes below last-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 $41.41. 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 steady to slightly lower in late-overnight trading. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the September 18^th high crossing at $118.58 are needed to renew the rally off September's low. 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 September 18^th high crossing at $118.58. Second resistance is the 50-day moving average crossing at $122.57. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, August's high crossing at $124.62 is the next upside target. Closes below last-Tuesday's low crossing at $113.17 would open the door for additional weakness near-term and a possible test of September's low crossing at $106.60. First resistance is the September 18th 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. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.709 would signal that a short-term top has been posted while opening the door for additional weakness near-term.If November resumes the rally off September's low, September's high crossing at 3.002 is the next upside target. First resistance is last-Thursday's high crossing at 2.928. Second resistance is September's high crossing at 3.002. First support is September'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 lower overnight as it extends Monday'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 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 93.46 would confirm that a short-term top has been posted.If December extends this month's rally, the 38% retracement level of the March-September-decline crossing at $96.33 is the next upside target. 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 last-Monday's low crossing at 92.75. Second support is September's low crossing at $91.75.

The December Euro was higher in overnight trading as it consolidated 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. 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 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 $118.09 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $118.09. Second resistance is September's high crossing at $120.38. First support is last-Friday's low crossing at $116.31. Second support is the 38% retracement level of the March-August-rally crossing at $115.42. 

The December British Pound was slightly higher in overnight trading as it consolidates some of this month's decline. The mid-range overnight trade sets the stage for a steady to slightly higher opening when the day session beings 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 1.3021 would signal that a short-term low has been posted. 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. First resistance is the 50-day moving average crossing at 1.3021. 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 higher due to short covering overnight as it bounces off the 38% retracement level of the March-August-rally crossing at 1.0789. 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 oversold but are poised to turn neutral to bullish with additional strength. Closes above the 20-day moving average crossing at 1.0957 would signal that a short-term low has been posted. 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. First resistance is the 10-day moving average crossing at 1.0907. Second resistance is the 20-day moving average crossing at 1.0957. 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 slightly higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the 38% retracement level of the March-September-rally crossing at 73.72 is the next downside target.Closes above the 20-day moving average crossing at 75.65 would signal that a short-term low has been posted.First resistance is the 20-day moving average crossing at 75.65. Second resistance is September's high crossing at 76.97. First support is last-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 steady to slightly lower overnight as it extends 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. 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 0.0946 would confirm 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 September'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 50-day moving average crossing at 0.0946. Second support is September's low crossing at 0.0940. 

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

PRECIOUS METALS: December gold was higher overnight as it extends Monday's short covering rally. 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 oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1953.30 would signal that a short-term low has been posted. If December extends the decline off August's high, the 2018-2020-rally crossing at $1771.40 is the next downside target. First resistance is the 10-day moving average crossing at $1907.90. Second resistance is the 20-day moving average crossing at $1930.30. First support is last-Thursday's low crossing at $1851.00. Second support is the 38% retracement level of the 2018-2020-rally crossing at $1771.40.  

December silver was higher overnight as it extends the rebound off last-Thursday's low. The high-range overnight trade sets the stage  for a steady to slightly higher opening when the day session begins trading later this morning. 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 $26.020 would confirm that a short-term low has been posted. 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. First resistance is the 10-day moving average crossing at 24.784. Second resistance is the 20-day moving average crossing at $26.020. First support is last-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 hinting that the three-day bounce off last Thursday's low might be ending. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.0278 would signal that a short-term low has been posted. If December renews last-week's decline, August's low crossing at 2.7960 is the next downside target. First resistance is last-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 lower overnight. 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. If December extends the decline off September's high, September's low crossing at $3.51 is the next downside target. 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 September'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 Monday's low crossing at $3.60 1/2. Second support is September's low crossing at $3.51.      

December wheat was steady to fractionally lower overnight. The high-range trade 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 50-day moving average crossing at $5.36 1/2 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 September'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 1/2. Second support is the reaction low crossing at $5.24. 

December Kansas City wheat was steady to lower overnight. The mid-range close 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 December extends this month's decline, the 50-day moving average crossing at $4.60 1/2 is the next downside target. 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 September'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 September 15^th low crossing at $4.63 1/4. Second support is the 50-day moving average crossing at $4.60 1/2.          

December Minneapolis wheat was steady to fractionally lower overnight. The high-range overnight trade 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 September 15^th low 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 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 lower overnight as they extend the decline off September's high. 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 $9.94 3/4 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 September'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 $9.94 3/4. Second support is the 38% retracement level of the April-September-rally crossing at $9.64 1/4.  

December soybean meal was steady to slightly lower overnight. The mid-range trade sets the 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 extends the decline off September's high, the 20-day moving average crossing at $326.80 is the next downside target. If December renews this summer's rally, monthly resistance crossing at $354.50 is the next upside target. First resistance is last-Wednesday's high crossing at $348.60. Second resistance is monthly resistance crossing at $354.50. First support is the 20-day moving average crossing at $326.80. Second support is the September 16^th low crossing at $317.90.   

December soybean oil was lower overnight following a two-day bounce off last-Thursday'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 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 32.19 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 33.65 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 32.19. Second support is August's low crossing at 30.29.