KEY EVENTS TO WATCH FOR:
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 Dow reversed course on Tuesday as it erased most of Monday's losses but failed to fill the gap crossing at 34,647.82.Never-the-less, the high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends Monday's decline, June's low crossing at 33,281.93 is the next downside target. Closes above the 10-day moving average crossing at 34,699.89 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 34,647.82. Second resistance is May's high crossing at 35,091.56. First support is Monday's low crossing at 33,741.76. Second support is June's low crossing at 33,271.93.
The September NASDAQ 100 closed sharply higher on Tuesday as it consolidated some of the decline off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 last-Tuesday's high, the 50-day moving average crossing at 14,038.32 is the next downside target. Closes above the 10-day moving average crossing at 14,769.17 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 14,769.17. Second resistance is last-Tuesday's high crossing at 14,996.00. First support is Monday's low crossing at 14,445.00. Second support is the 50-day moving average crossing at 14,038.32.
The September S&P 500 closed sharply higher on Tuesday as it erased Monday's losses. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 4231.11 would confirm that a short-term top has been posted. If September renews this year's rally upside targets are hard to project. First resistance is the 10-day moving average crossing at 4336.90. Second resistance is last-Tuesday's high crossing at 4384.50. First support is the 50-day moving average crossing at 4231.11. Second support is June's low crossing at 4126.75.
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September T-bonds closed down 23/32's at 165-14.
September T-bonds posted a downside reversal as it closed lower on Tuesday after spiking above the 75% retracement level of the 2020-2021-decline crossing at 167-00. The low-range close sets the stage for a steady to lower opening when Wednesday'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 September extends the rally of May's low, the 87% retracement level of the 2020-2021-decline crossing at 169-10 is the next upside target. Closes below the 20-day moving average crossing at 161-29 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the 2020-2021-decline crossing at 167-00. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 169-10. First support is the 20-day moving average crossing at 161-29. Second support is the 50-day moving average crossing at 158-29.
September T-notes closed down 10-pts at 134.210.
September T-notes closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 September extends the rally off April'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 132.022 would confirm that a short-term top has been posted. 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 132.022. Second support is the 50-day moving average crossing at 132.124.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
September crude oil closed higher due to short covering on Tuesday as it consolidates some of Monday's sharp decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are becoming 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 $72.20 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $69.14. Second resistance is the 20-day moving average crossing at $72.20. Third support is July's high crossing at $76.98. 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 closed higher on Tuesday as it consolidated some of Monday's sharp decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends Monday's decline, May's low crossing at $191.71 is the next downside target. Closes above the 20-day moving average crossing at $212.80 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $212.80. Second resistance is July's high crossing at $221.01. First support is the 25% retracement level of the 2020-2021-rally crossing at $194.20. Second support is May's low crossing at $191.71.
September unleaded gas closed higher due to short covering on Tuesday as it consolidates some of Monday's decline but remain below the 50-day moving average crossing at $2.1675. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, May's low crossing at $1.9926 is the next downside target. Closes above the 20-day moving average crossing at $2.2282 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $2.1675. Second resistance is the 20-day moving average crossing at $2.2282. First support is today's low crossing at $2.0571. Second support is May's low crossing at 1.9926.
September Henry natural gas closed higher on Tuesday and above trading range resistance marked by the July 8th high crossing at 3.789. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the December-2016 on the monthly continuation chart crossing at 3.994 is the next upside target. Closes below the 20-day moving average crossing at 3.602 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.858. Second resistance is the December-2016 high on the monthly continuation chart crossing at 3.994. First support is the 20-day moving average crossing at 3.602. Second support is the July 7th low crossing at 3.495.
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The September Dollar closed higher on Tuesday as it extends the rally off May's low The mid-range close sets the stage for a steady to higher opening when Wednesday'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 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 92.31 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the March-May-decline crossing at 92.93. Second resistance is March's high crossing at 93.43. First support is the 20-day moving average crossing 92.38. Second support is the July 6th low crossing at 92.00.
The September Euro closed lower on Tuesday as it extended the decline off May's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's night 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 May'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 26th high crossing at 119.95. First support is today's low crossing at 117.68. Second support is March's low crossing at 117.47.
The September British Pound closed lower on Tuesday as it extended the decline off June's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 38% retracement level of the 2020-2021-rally crossing at 1.3223 is the next downside target. Closes above last-Monday's high crossing at 1.3913 would signal that a short-term low has been posted. First resistance is last-Monday's high crossing at 1.3913. Second resistance is the 50-day moving average crossing at 1.3998. First support 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 closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the 75% retracement level of the March-May-rally crossing at 1.0744 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 last-Thursday's high crossing at 1.0984. Second resistance is the 50-day moving average crossing at 1.1030. First support is the 75% retracement level of the March-May-rally crossing at 1.0775. Second support is the 87% retracement level of the March-May-rally crossing at 1.0701.
The September Canadian Dollar posted an inside day with a higher close on Tuesday as it consolidated some of Monday's sharp decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the January 28th low crossing at 77.72 is the next downside target. Closes above the 20-day moving average crossing at 80.25 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 80.25. Second resistance is the July 6th high crossing at 81.28. First support is the January 28th low crossing at 77.72. Second support is the December 21st low crossing at 77.30.
The September Japanese Yen posted an inside day with a lower close on Tuesday as it consolidates some of Monday's rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night 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 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 0.090565 would signal that a short-term top has been posted. First resistance is the May 25th high crossing at 0.092170. Second resistance is May's high crossing at 0.092295. First support is July's low crossing at 0.089605. Second support is weekly support crossing at 0.089205.
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August gold closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1795.10 is the next downside target. If August resumes the rally off June's low, the 50-day moving average crossing at $1838.10 is the next upside target. First resistance is the 50-day moving average crossing at $1838.10. Second resistance is the June 11th high crossing at $1906.20. First support is the 20-day moving average crossing at $1795.10. Second support is June's low crossing at $1750.10.
September silver closed lower on Tuesday as it extended Monday's downside breakout the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the April 13th low crossing at 24.800 is the next downside target. Closes above last-Wednesday's high crossing at 26.575 would signal that a short-term low has been posted. First resistance is July's high crossing at 26.910. Second resistance is the 50-day moving average crossing at 27.028. First support is the April-13th low crossing at 24.800. Second support is March's low crossing at 23.825.
September copper posted an inside day with a higher close on Tuesday as it extends the trading range of the past three-weeks.The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 409.40 is the next downside target. Closes above July's high crossing at 440.25 would signal that a short-term low has been posted. First resistance is July's high crossing at 440.25. Second resistance is the 50-day moving average crossing at 443.98. First support is June's low crossing at 409.40. Second support is the April 12th low crossing at 400.00.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up $0.13 1/2-cents at $5.65 3/4.
December corn closed higher on Tuesday as it extends the rally off July's low. Today's high-range close sets the stage for a steady to higher opening when Wednesday's night 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 aforementioned rally, the July 6th gap crossing at $5.73 1/2 is the next upside target. Closes above the July 6th gap crossing at $5.73 1/2 would open the door for a possible test of July's high crossing at $6.11 1/4. 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 July's low crossing at $5.07. Second support is May's low crossing at $5.00 1/4.
September wheat closed up $0.02 3/4-cents at $7.00 1/2.
September wheat closed higher on Tuesday as it extended the rally off July's low.The low-range close sets the stage for a steady to lower opening when Wednesday'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 September extends the aforementioned rally, 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 would signal that a short-term top has been posted.First resistance is today's 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 1/2. Second support is the 20-day moving average crossing at $6.54.
September Kansas City Wheat closed up $0.08-cents at $6.60 3/4.
September Kansas City wheat closed higher on Tuesday as it extended the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night 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 aforementioned rally, 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 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.74 1/4. Second resistance is the 62% retracement level of the May-July-decline crossing at $6.81 1/2 is the next upside target. First support is the 50-day moving average crossing at $6.33. Second support is the 20-day moving average crossing at $6.21 1/2.
September Minneapolis wheat closed down $0.07 3/4-cents at $9.16.
September Minneapolis wheat posted an inside day with a lower close on Tuesday as it consolidates some of this year's rally. The low-range close sets the stage for a steady to lower opening when Wednesday'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 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 $8.41 3/4 would confirm 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 1/4. First support is the 10-day moving average crossing at $8.67. Second support is the 20-day moving average crossing at $8.41 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up $0.15 3/4-cents at $13.88 1/2.
November soybeans posted an inside day with a higher close on Tuesday leaving Monday's key reversal down unconfirmed. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible on Wednesday. If November extends the rally off June'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 would confirm 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. Second support is July's low crossing at $13.00 1/2.
December soybean meal closed up $5.30 to $369.70.
December soybean meal closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 last-Tuesday's low, the 50-day moving average crossing at $382.40 is the next upside target. If December renews the decline off July's high, June's low crossing at $347.00 is the next downside target. First resistance is the 50-day moving average crossing at $382.40. Second resistance is July's high crossing at $392.70. First support is July's low crossing at $355.20. Second support is June's low crossing at $347.00.
December soybean oil closed up 85-pts. at 63.93.
December soybean oil posted an inside day with a higher close on Tuesday leaving yesterday's key reversal down unconfirmed. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the July 7th low crossing at 58.03 would confirm that a short-term top has been posted. If December extends the rally off June's low, June's high crossing at 67.06 is the next upside target. First resistance is Monday's high crossing at 66.34. Second resistance is June's high crossing at 67.06. First support is the July 7th low crossing at 58.03. is the June 25th low crossing at 56.66.
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August hogs closed up $0.53 at $105.00.
August hogs posted an inside day with a higher close on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 $108.32 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 $108.32. 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 $0.53 at $119.72.
August cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are 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 down $2.15 at $155.23.
August feeder cattle posted an inside day with a lower close on Tuesday leaving Monday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $154.37 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 sharply higher on Tuesday as it extended the rally off July's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, June's high crossing at $168.65 is the next upside target. Closes below the 50-day moving average crossing at $155.56 would signal that a short-term top has been posted.
September cocoa closed higher on Tuesday but not before posting a new low for the year. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month'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 23.48 would signal that a short-term low has been posted.
October sugar closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 last-week's low, 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 posted an inside day with a higher closed on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends Monday's decline, the 50-day moving average crossing at 85.77 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.