KEY EVENTS TO WATCH FOR:
Tuesday, July 20, 2021
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. June New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.572M)
Housing Starts, M/M% (previous +3.6%)
Building Permits (previous 1.681M)
Building Permits, M/M% (previous -3.0%)
8:55 PM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +11.1%)
Latest Wk, Y/Y% (previous +14.0%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.1M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.5M)
Distillate Stocks, Net Chg (Bbls) (previous +3.7M)
Wednesday, July 21, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 727.5)
Composite Idx, W/W% (previous +16.0%)
Purchase Idx-SA (previous 273.3)
Purchase Idx-SA, W/W% (previous +8.3%)
Refinance Idx (previous 3361.5)
Refinance Idx, W/W% (previous +20.4%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 437.6M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.9M)
Gasoline Stocks (Bbl) (previous 236.5M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.0M)
Distillate Stocks (Bbl) (previous 142.3M)
Distillate Stocks, Net Chg (Bbl) (previous +3.7M)
Refinery Usage
Total Prod Supplied (Bbl/day)
Total Prod Supplied, Net Chg (Bbl/day)
N/A IMF World Economic Outlook Update
Thursday, July 22, 2021
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 360K)
Jobless Claims, Net Chg (previous -26K)
Continuing Claims (previous 3241000)
Continuing Claims, Net Chg (previous -126K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 272K)
Soybeans (Metric Tons) (previous 312.5K)
Wheat (Metric Tons) (previous 424.7K)
8:30 AM ET. June CFNAI Chicago Fed National Activity Index
NAI (previous 0.29)
NAI, 3-mo Moving Avg (previous 0.81)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. June Existing Home Sales
Existing Sales (previous 5.8M)
Existing Sales, M/M% (previous -0.9%)
Unsold Homes Month's Supply (previous 2.5)
Median Price (USD) (previous 350300)
Median Home Price, Y/Y% (previous +23.6%)
10:00 AM ET. June Leading Indicators
Leading Index, M/M% (previous +1.3%)
Leading Index (previous 114.5)
Coincident Index, M/M% (previous +0.4%)
Lagging Index, M/M% (previous -2.2%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2629B)
Working Gas In Storage, Net Chg (Cbf) (previous +55B)
11:00 AM ET. July Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 30)
6-Mo Exp Prod Idx (previous 44)
Mfg Composite Idx (previous 27)
6-Mo Exp Composite Idx (previous 32)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, July 23, 2021
9:45 AM ET. July US Flash Manufacturing PMI
PMI, Mfg (previous 62.6)
9:45 AM ET. July US Flash Services PMI
PMI, Services (previous 64.8)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it rebounded off Monday's sharp decline due to rising concerns over a sharp rise in Covid-19 infections. The high-range trade sets the stage for a higher opening when the day session begins trading as the index tries to consolidate some of its losses off last-Wednesday's high. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Monday's close below the 20-day moving average crossing at 14,621.96 confirmed that a short-term top has been posted while opening the door for additional weakness near-term. If September extends the decline off last-Wednesday's high, the 50-day moving average crossing at 14,035.72 is the next downside target. Closes above the 10-day moving average crossing at 14,756.58 would temper the near-term bearish outlook. First resistance is last-Wednesday's high crossing at 14,996.00. Second resistance is unknown. First support is Monday's low crossing at 14,445.00. Second support is the 50-day moving average crossing at 14,035.72.
The September S&P 500 was higher overnight due to short covering as it consolidates some of Monday's sharp decline. The high-range overnight trade sets the stage for a higher opening when the day session begins trading later this morning. 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 4230.17 would open the door for additional weakness and a possible test of June's low crossing at 4126.75. Closes above the 10-day moving average crossing at 4332.32 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 4332.32. Second resistance is last-Wednesday's high crossing at 4384.50. First support is the 50-day moving average crossing at 4230.17. Second support is June's low crossing at 4126.75.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were higher overnight as it extends the rally off March's low due to concerns over rising inflation. The high-range overnight trade sets the stage for a 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. If September extends the rally off March's low, the 75% retracement level of the 2020-2021-decline crossing at 167-00 is the next upside target. Closes below the 20-day moving average crossing at 161-30 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 166-14. Second resistance is the 75% retracement level of the 2020-2021-decline crossing at 167-00. First support is the 20-day moving average crossing at 161-30. Second support is the 50-day moving average crossing at 158-30.
September T-notes was higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a higher opening with 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 September extends its rally off March's low, the 75% retracement level of the 2020-2021-decline crossing at 135.121 is the next upside target. Closes below the 20-day moving average crossing at 133.025 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 75% retracement level of the 2020-2021-decline crossing at 135.121. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 136.087. First support is the 20-day moving average crossing at 133.025. Second support is the 50-day moving average crossing at 132.125.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
September crude oil was steady to slightly lower overnight as it extends Monday's sharp decline on demand concerns due to rising Covid-19 cases. 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 September extends the decline off July's high, the 25% retracement level of the 2020-2021-rally crossing at $64.67 is the next downside target. Closes above the 20-day moving average crossing at $72.14 would signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at $72.14. Second resistance is the July 13th high crossing at $74.90. Third resistance is July's high crossing at $76.07. First support is the 25% retracement level of the 2020-2021-rally crossing at $64.67. Second support is May's low crossing at $61.06.
September heating oil was steady to slightly higher overnight as it tries to consolidate some of Monday's huge loss. However, the low-range overnight trade sets the stage for a steady to lower 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. If September extends Monday's decline, the May 21st low crossing at $1.9538 is the next downside target. Closes above the 20-day moving average crossing at $2.1267 are needed to signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at $2.1267. Second resistance is the July 6th high crossing at $2.2120. Third resistance is the October-2018 high on the monthly continuation chart crossing at $2.2806. First support the May 21st low crossing at $1.9538. Second support is the 25% retracement level of the 2020-2021-rally crossing at $1.9420.
September unleaded gas was lower overnight as it extends Monday's huge decline. The low-range overnight trade sets the stage for a 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 September extends the decline off July's high, the 25% retracement level of the 2020-2021-rally crossing at $1.9626 is the next downside target. Closes above the 20-day moving average crossing at $2.2268 would signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at $2.2268. Second resistance is the July 6th high crossing at $2.3123. First support is May's low crossing at $1.9959. Second support is the 25% retracement level of the 2020-2021-rally crossing at $1.9626.
September Henry natural gas was slightly lower overnight as it extends the trading range of the past three-weeks. 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 July 6th high crossing at 3.789 would mark an upside breakout of the aforementioned trading range thereby opening the door for a possible test of monthly resistance on the continuation chart crossing at 3.994. Closes below the July 7th low crossing at 3.495 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. First resistance resistance is the July 6th high crossing at 3.789. Second resistance is monthly resistance on the continuation chart crossing at 3.994. First support is the July 7th low crossing at 3.495. Second support is the 50-day moving average crossing at 3.299.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was higher overnight as it extends the rally off May'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. If September extends the rally off May's low, March's high crossing at $93.43 is the next upside target. Closes below the 20-day moving average crossing at $92.38 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $93.05. Second resistance is March's high crossing at $93.43. First support is the 20-day moving average crossing at $92.38. Second support is the July 5th low crossing at $92.00. Third support is the June 23rd low crossing at $91.51.
The September Euro was lower overnight as it extends the decline off May'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, March's low crossing at $117.47 is the next downside target. Closes above the 20-day moving average crossing at $118.71 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $118.71. Second resistance is the June 25th high crossing at $119.95. First support is Monday's low crossing at $117.78. Second support is March's low crossing at $117.47.
The September British Pound was lower overnight as it extends the decline off June's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 25% retracement level of the 2020-2021-rally crossing at 1.3578 is the next downside target. Closes above last-Monday's high crossing at 1.3913 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3825. Second resistance is the 50-day moving average crossing at 1.3997. First support is the 25% retracement level of the 2020-2021-rally crossing at 1.3578. Second support is the 38% retracement level of the 2020-2021-rally crossing at 1.3223.
The September Swiss Franc was steady to slightly 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 September resumes the decline off June's high, the 75% retracement level of the March-June-rally crossing at 1.0774 is the next downside target. If September renews the rally off July's low, the 50-day moving average crossing at 1.1030 is the next upside target. First resistance is the 50-day moving average crossing at 1.1030. Second resistance is June's high crossing at 1.1231. First support is July's low crossing at 1.0801. Second support is the 75% retracement level of the March-June-rally crossing at 1.0774.
The September Canadian Dollar was steady to slightly lower overnight as it extends the decline off June's high. The low-range trade sets the stage for a 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 September extends the decline off June's high, the 38% retracement level of the 2020-2021-rally crossing at $77.74 is the next downside target. Closes above the 20-day moving average crossing at $80.22 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $80.22. Second resistance is the July 6th high crossing at $81.28. First support is Monday's low crossing at $78.07. Second support is the 38% retracement level of the 2020-2021-rally crossing at $77.74.
The September Japanese Yen was steady to slightly lower overnight as it consolidates some of Monday's rally. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the May 25th high crossing at 0.092170 is the next upside target. Closes below the 20-day moving average crossing at 0.090580 would signal that a short-term top has likely been posted. If September renews the decline off April's high, weekly support on the continuation chart crossing at 0.089205 is the next downside target. First resistance is the 25% retracement level of the January-July-decline crossing at 0.091615. Second resistance is the May 25th high crossing at 0.092170. First support is the 20-day moving average crossing at 0.090580. Second support is July's low crossing at 0.089605. Third support is weekly support on the continuation chart crossing at 0.089205.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: August gold was higher overnight following a two-day correction off last-Thursday'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1795.50 would signal that a short-term top has been posted. If August extends the rally off June's low, the 50-day moving average crossing at $1838.30 is the next upside target. First resistance is the 50-day moving average crossing at $1838.30. Second resistance is June's high crossing at $1919.20. First support is the 20-day moving averagecrossing at $1795.50. Second support is June's low crossing at $1750.10.
September silver was steady to slightly higher overnight as it consolidates some of Monday's sharp decline that marked a downside breakout of the trading range of the past four-weeks. 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 September extends the decline off May's high, the April 13th low crossing at $24.800 is the next downside target. Closes above last-Thursday's high crossing at $26.575 would signal that a low has been posted. First resistance is the 50-day moving average crossing at $27.031. Second resistance is the June 11th high crossing at $28.465. First support is the April 13th low crossing at $24.800. Second support is March's low crossing at $23.825.
September copper was higher overnight as it consolidates some of Monday's decline while extending the trading range of the past four-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. If September extends Monday's decline, June's low crossing at 4.0940 is the next downside target. Closes above the July 6th high crossing at 4.4025 would signal that a short-term low has been posted. First resistance is the July 6th high crossing at 4.4025. Second resistance is the 50-day moving average crossing at 4.4388. First support is June's low crossing at 4.0940. Second support is the April 12th low crossing at 4.0000.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was higher overnight as it extends the rally off July's low on bullish weather forecast for large portions of the western corn belt. Overnight strength sets the stage for a higher opening when the day sessions 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 July's low, the July 6th gap crossing at $5.73 1/2 is the next upside target. Closes below the 10-day moving average crossing at $5.43 would temper the near-term friendly outlook. First resistance is the July 6th gap crossing at $5.73 1/2. Second resistance is July's high crossing at $6.11 1/4. First support is the 10-day moving average crossing at $5.43. Second support is July's low crossing at $5.07. Third support is May's low crossing at $5.00 1/4.
September wheat was higher overnight as it extends the rally off July's low. The high-range close sets the stage for a 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 September extends the rally off July's low, the 75% retracement level of the May-July-decline crossing at $7.28 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.54 1/2 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $7.18. Second resistance is the 75% retracement level of the May-July-decline crossing at $7.28 1/4. First support is the 50-day moving average crossing at $6.72 3/4. Second support is the 20-day moving average crossing at $6.54 1/2.
September Kansas City wheat was higher overnight as it extends the rally off July's low. Solid overnight gains set the stage for a 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 September extends the rally off the July 7th low, the 62% retracement level of the May-July-decline crossing at $6.81 1/2 is the next upside target. Closes below the 20-day moving average crossing at $6.21 3/4 would signal that a short-term top has been posted. First resistance is July's high crossing at $6.69. Second resistance is the 62% retracement level of the May-July-decline crossing at $6.81 1/2. First support is the 50-day moving average crossing at $6.33 1/4. Second support is the 20-day moving average crossing at $6.21 3/4. Third support is July's low crossing at $5.78 1/4.
September Minneapolis wheat was higher overnight as it extends the rally off last August's low. Hot/dry weather across the Dakota's and Minnesota through the end of the month continues to underpin this month's rally to its highest level since 2011. Strong gains overnight sets the stage for a 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 September extends the rally off June's low, the September-2011 high on the monthly continuation chart crossing at $9.83 1/2 is the next upside target. Closes below the 20-day moving average crossing at $8.42 3/4 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $9.44 1/2. Second resistance is the September-2012 high on the monthly continuation chart crossing at $9.83 1/2. First support is the 10-day moving average crossing at $8.69. Second support is the 20-day moving average crossing at $8.42 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were higher overnight as hot/dry weather forecast for the upper Midwest continue to provide underlying support to the market. Strong overnight gains set the stage for a 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 July's low, July's high crossing at $14.23 is the next upside target. Closes below the 20-day moving average crossing at $13.44 1/4 would signal that a short-term top has been posted. First resistance is July's high crossing at $14.23. Second resistance is June's high crossing at $14.80. First support is the 20-day moving average crossing at $13.44 1/4. Second support is June's low crossing at $12.40 1/2.
December soybean meal was higher overnight. The higher overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off last-Tuesday's low, the 50-day moving average crossing at $382.40 is the next upside target. However, it will take closes above July's high crossing at $392.70 to renew the rally off July's low and signal that a larger-degree rally is unfolding. If December renews the decline off July's high, June's low crossing at $347.00 is the next downside target. First resistance is Monday's high crossing at $375.00. Second resistance is the 50-day moving average crossing at $382.40. First support is the July 13th low crossing at $355.20. Second support is June's low crossing at $347.00. Third support is the 62% retracement level of the 2020-2021-rally crossing at $342.50.
December soybean oil was higher overnight as it consolidates some of Monday's sharp decline. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish hinting of a possible double top forming with June's high. Closes below the July 7th low crossing at 58.03 would signal that a double top has been posted. If December extends the rally off June's low, June's high crossing at 67.04 is the next upside target. First resistance is June's high crossing at 67.04. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the July 7th low crossing at 58.03. Second support is the June 25th low crossing at 56.66.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed down $1.23 at $104.43.
August hogs closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 August extends the rally off June's low, the 50-day moving average crossing at $108.40 is the next upside target. If August renews the decline off June's high, the 50% retracement level of the 2020-2021-rally crossing at $95.71 is the next downside target. First resistance is last-Wednesday's high crossing at $106.80. Second resistance is the 50-day moving average crossing at $108.40. First support is June's low crossing at $96.50. Second support is the 50% retracement level of the 2020-2021-rally crossing at $95.71.
August cattle closed down $0.03 at $120.15.
August cattle closed lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off June's high, the June 8th low crossing at $117.23 is the next downside target. Closes above last-Wednesday's high crossing at $122.60 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $122.60. Second resistance is July's high crossing at $124.33. First support is the July 9th low crossing at $118.85. Second support is the June 8th low at $117.23. Third support is June's low crossing at $114.63.
August Feeder cattle closed up $1.80 at $157.43.
August feeder cattle posted a key reversal up as it closed higher on Monday due to spillover weakness from the soybean complex. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 $154.16 would open the door for a test of the June 14th gap crossing at $151.90. If August renews the rally off May's low, April's high crossing at $162.40 is the next upside target. First resistance is July's high crossing at $161.10. Second resistance is April's high crossing at $162.40. First support is the 50-day moving average crossing at $154.16. Second support is the June 14th gap crossing at $151.90.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower on Monday as it consolidated some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, July's high crossing at $164.65 is the next upside target. Closes below the 10-day moving average crossing at $153.94 would signal that a short-term top has been posted. If September renews the decline off July's high, May's low crossing at 14.15 is the next downside target.
September cocoa closed sharply lower on Monday as it plunged to a new low for the year. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends today's decline, the 87% retracement level of 2020's rally crossing at 22.03 is the next downside target. Multiple closes above the 20-day moving average crossing at 23.54 would signal that a short-term low has been posted.
October sugar closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends last-week's rally, July's high crossing at 18.49 is the next upside target. If October renews the decline off July's high, June's low crossing at 16.44 the next downside target.
December cotton closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 87.31 confirms that a short-term top has been posted. If December extends today's decline, the 50-day moving average crossing at 85.74 is the next downside target. If December renews the rally off May's low, weekly resistance on the continuation chart crossing at 91.66 is the next upside target.