KEY EVENTS TO WATCH FOR:

Thursday, October 8, 2020  

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 837K)

                       Jobless Claims, Net Chg (previous -36K)

                       Continuing Claims (previous 11767000)

                       Continuing Claims, Net Chg (previous -980K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 2027.1K)

                       Soybeans (Metric Tons) (previous 2591.2K)

                       Wheat (Metric Tons) (previous 507.6K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3756B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +76B)

12:00 AM ET. September Monthly U.S. Retail Chain Store Sales Index

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, October 9, 2020 

10:00 AM ET. August-October Monthly Wholesale Trade

                       Inventories, M/M% (previous -0.3%)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

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

The STOCK INDEXES:The December NASDAQ 100 were higher overnight helped by hopes that another stimulus package will be approved this year. The high-range trade sets the stage for a steady to higher 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 the NASDAQ 100 resumes the rally off September's low, September's high crossing at 12,444.75 is the next upside target. Closes below the 20-day moving average crossing at 11,230.33 would signal that a short-term top has been posted. First resistance last-Friday's high crossing at 11,604.75. Second resistance is September's high crossing at 12,444.75. First support is September's low crossing at 10,656.50. Second support is the 38% retracement level of the March-August-rally crossing at 10,354.13.

The December S&P 500 was higher overnight.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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, September's high crossing at 3516.60 is the next upside target. Closes below the 20-day moving average crossing at 3392.86 would confirm that a short-term top has been posted. First resistance is the September 16^th high crossing at 3412.00. Second resistance is September's high crossing at 3516.60. 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 consolidates some of Wednesday'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 oversold but remain neutral to bearish signaling that sideways to lower prices are  possible near-term. Closes below August's low crossing at 173-16 would open the door for a possible test of June's low crossing at 171-16. Closes above the 20-day moving average crossing at 176-00 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 176-00. Second resistance is the 50-day moving average crossing at 176-29. First support is August's low crossing at 173.10. Second support is June's low crossing at 171-16.

December T-notes were higher overnight as it consolidates some of Wednesday's decline. 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 oversold but remain 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 138.185 is the next downside target. Closes above the 50-day moving average crossing at 139.135 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 139.135. Second resistance is September's high crossing at 139.290. 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 higher overnight as it extends the rally last-Friday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $41.04 would confirm that a short-term low has been posted. Closes below September's low crossing at  $36.58 would renew the decline off August's high. First resistance is the 50-day moving average crossing at $41.04. 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 higher overnight as it extends this week's rally off last-Friday's low. 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 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 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 September 18^th high crossing at $118.58. Second resistance is the 50-day moving average crossing at $120.39. 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 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 bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, the 62% retracement level of the January-April-decline crossing at $128.26 is the next upside target. Closes below the 50-day moving average crossing at $116.60 would signal that a short-term top has likely been posted. First resistance is August's high crossing at $124.62. Second resistance is the 62% retracement level of the January-April-decline crossing at $128.26. First support is October's low crossing at $109.58. Second support is September's low crossing at $106.60.     

November Henry natural gas 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 turning neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 2.725 would confirm that a short-term low has been posted. If November renews the decline off September's high, the 75% retracement level of the June-September-rally crossing at 2.348 is the next downside target.First resistance is the 50-day moving average crossing at 2.725. Second resistance is the September 24^th high crossing at 2.928. First support is the 75% retracement level of the June-September-rally crossing at  2.348. Second support is the 87% retracement level of the June-September-rally crossing at 2.244.    

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

CURRENCIES:The December Dollar was steady to slightly 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 93.30 would confirm that a short-term top has been posted.If December renews the rally off September's low, 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 the 50-day moving average crossing at 93.30. Second support is the September 10^th low crossing at $92.68.

The December Euro was slightly lower in 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $118.26 would confirm 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 $115.42 is the next downside target. First resistance is the 50-day moving average crossing at $118.26. Second resistance is September's high crossing at $120.38. First support is September'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 steady to slightly lower overnight. 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 turning 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 50-day moving average crossing at 1.3033 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.3033. 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. 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 1.0980 would signal that a short-term low has been posted. Closes below the 10-day moving average crossing at 1.0889 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.0980. Second resistance is the September 10^th high crossing at 1.1081. 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 slightly higher overnight as it extends the rally off September'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 75.52 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-September-rally crossing at 73.72 is the next downside target. First resistance is the 50-day moving average crossing at 75.52. Second resistance is September's high crossing at 76.97. First support is September's low crossing at 74.53. 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 this week'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 week's decline, September's low crossing at 0.0940 is the next downside target. Closes above last-Friday's high crossing at 0.0954 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 0.0954. Second resistance is September's high crossing at 0.0963. First support is the overnight low crossing at 0.0943. 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 steady to slightly 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 signaling that sideways to lower prices are possible near-term. Closes above Tuesday's high crossing at $1927.00 would confirm that a short-term low has been posted. If December resumes the decline off August's high, the 38% retracement level of the 2018-2020-rally crossing at $1771.40 is the next downside target. First resistance is Tuesday's high crossing at $1927.00. Second resistance is the 50-day moving average crossing at $1948.80. First support is September'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 steady to slightly higher overnight. 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 neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at $24.827 would confirm that a short-term low has been posted. If December resumes 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 20-day moving average crossing at 24.827. Second resistance is the 50-day moving average crossing at $26.187. First support is September'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 steady to 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 3.0465 would confirm that a short-term low has been posted. If December renews the decline off September's high, August's low crossing at 2.7960 is the next downside target. First resistance is September'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 last-Friday's low crossing at 2.8345. Second support is August's low crossing at 2.7960. 

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

December corn 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 sessions 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 the rally off August's low, the 75% retracement level of the 2019-2020 decline crossing at $3.98 is the next upside target. Closes below the 20-day moving average crossing at $3.74 1/4 would confirm that a top has been posted. First resistance is the 75% retracement level of the 2019-2020 decline  crossing at $3.98. Second resistance is the 87% retracement level of the 2019-2020 decline crossing at $4.10 1/2. First support is the 20-day moving average crossing at $3.74 1/4. Second support is last-Monday's low crossing at $3.60 1/2.      

December wheat was higher overnight as it extends the rally off June'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 the rally off June's low, the October-2018 high crossing at $6.21 is the next upside target. Closes below the 20-day moving average crossing at $5.63 3/4 would signal that a short-term top has been posted. First resistance is the October-2018 high crossing at $6.21. Second resistance is the July-2018 high crossing at $6.29 3/4. First support is the 10-day moving average crossing at $5.76. Second support is the 20-day moving average crossing at $5.63 3/4. 

December Kansas City wheat was higher overnight as it extends the rally off August's low. The high-range close sets the stage for a steady to higher 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 December extends the rally off August's low, the 75% retracement level of the 2018-2020-decline crossing at $5.79 3/4 is the next upside target. Closes below the 10-day moving average crossing at $5.11 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2020-decline crossing at $5.51 3/4. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $5.79 3/4. First support is the 10-day moving average crossing at $5.11. Second support is the the 20-day moving average crossing at $4.97.         

December Minneapolis wheat was higher overnight as it extends the rally off the September 29^th low. The mid-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 bullish signaling that sideways to higher prices  are possible near-term. If December extends this week's rally, September's high crossing at $5.54 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.35 3/4 would signal that a short-term top has been posted. First resistance is September's high crossing at $5.54 3/4. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $5.60 3/4. First support is the 20-day moving average crossing at $5.35 3/4. Second support is September's low crossing at $5.22 1/2.   

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

November soybeans were higher overnight as they extend 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends this summer's rally, monthly resistance crossing at $10.82 1/2 is the next upside target. Closes below the 20-day moving average crossing at $10.17 3/4 would confirm that a short-term top has been posted.First resistance is the overnight high crossing at $10.64. Second resistance is monthly resistance crossing at $10.82 1/2. First support is the 20-day moving average crossing at $10.17 3/4. Second support is last-Tuesday's low crossing at $9.85 3/4.

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 $404.90 is the next upside target. Closes below the 20-day moving average crossing at $340.30 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $369.90. Second resistance is monthly resistance crossing at $404.90. First support is the 10-day moving average crossing at $347.90. Second support is the 20-day moving average crossing at $340.30.   

December soybean oil was steady to slightly 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 33.38 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 30.68 is the next downside target. First resistance is the 20-day moving average crossing at 33.38. Second resistance is September's high crossing at 35.49. First support is the 38% retracement level of the March-September-rally crossing at 31.82. Second support is the 50% retracement level of the March-September-rally crossing at 30.68.