KEY EVENTS TO WATCH FOR:

Monday, August 9, 2021     

10:00 AM ET. July Employment Trends Index

                       ETI (previous 109.84)

                       ETI, Y/Y%

10:00 AM ET. June Job Openings & Labor Turnover Survey

Tuesday, August 10, 2021   

6:00 AM ET. July NFIB Index of Small Business Optimism

                       Small Business Idx (previous 102.5)

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. 2^nd Quarter Preliminary Productivity & Costs

                       Non-Farm Productivity, Q/Q% (previous +5.4%)

                       Unit Labor Costs (previous -0.3%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +15.5%)

                       Latest Wk, Y/Y% (previous +17.2%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -0.9M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -5.8M)

                       Distillate Stocks, Net Chg (Bbls) (previous -0.7M)

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes

The Dow posted a new high close on Friday after the Labor Department's July jobs report showed that 943,000 jobs came back and that the unemployment rate fell to 5.4%, the lowest level since March 2020. The report also showed payroll gains over the past two months. The mid-range close sets the stage for a steady to higher opening when Monday'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. Multiple closes above Monday's high crossing at 35,192.11 would confirm an upside breakout of July's trading range. Closes below the 50-day moving average crossing at 34,582.66 would signal that a short-term top has been posted. First resistance is today's high crossing at 35,246.79. Second resistance is unknown. First support is the 50-day moving average crossing at 34,582.66. Second support is July's low crossing at 33,741.76. 

The September NASDAQ 100 closed lower on Friday as it consolidated some of Thursday's gains.The low-range close sets the stage for a steady to lower opening when Monday'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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the July 27^th low crossing at 14,774.25 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 15,172.50. Second resistance is unknown. First support is the July 27^th low crossing at 14,744.25. Second support is the 50-day moving average crossing at 14,469.25. 

The September S&P 500 closed higher on Friday marking a potential upside breakout of the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Monday'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 renews this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4297.98 would confirm that a short-term top has been posted while opening the door for a possible test of July's low crossing at 4224.00. First resistance is today's high crossing at 4433.25. Second resistance is unknown. First support is the 20-day moving average crossing at 4374.98. Second support is the 50-day moving average crossing at 4297.99.  

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

September T-bonds closed down 1-18/32's at 164-04. 

September T-bonds closed sharply lower on Friday and below the 20-day moving average crossing at 164-13 signaling that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the 50-day moving average crossing at 161-11 is the next downside target. If September resumes the rally of May's low, the 87% retracement level of the 2020-2021-decline crossing at 169-10 is the next upside target. 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 July 22^nd low crossing at 163-09. Second support is the 50-day moving average crossing at 161-11.  

September T-notes closed down 165-pts at 133.315.

September T-notes closed lower on Friday and below the 20-day moving average crossing at 134.067 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. If September extends this week's decline, the 50-day moving average crossing at 133.042 is the next downside target. If September renews the rally off April's low, the 87% retracement level of the 2020-2021-decline crossing at 136.087 is the next upside target. 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 July 22^nd low crossing at 133.275. Second support is the 50-day moving average crossing at 133.042.  

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

September crude oil closed lower on Friday as it extended the decline off the July 30^th high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, 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 $71.11 would signal that a short-term low has been posted. First resistance is the July 30^th high crossing at $74.23. Second resistance is July's high crossing at $76.98. First support is Thursday's low crossing at $67.61. Second support is the 25% retracement level of the 2020-2021-rally crossing at $64.67.

September heating oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, July's low crossing at $196.41 is the next downside target. Closes above the 10-day moving average crossing at $214.63 would signal that a short-term low has been posted. First resistance is July's high crossing at $221.20. Second resistance is the October-2018 high crossing at $227.43. First support is Thursday's low crossing at $206.00. Second support is July's low crossing at $202.09.     

September unleaded gas closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night 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 $2.2175 would confirm that a short-term top has been posted. If September renews the rally off July's low, the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3883 is the next upside target. First resistance is July's high crossing at $2.3448. Second resistance is the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3883. First support is the 50-day moving average crossing at $2.2175. Second support is July's low crossing at $2.0571.    

September Henry natural gas closed lower on Friday as it consolidated some of the rally off last-December's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-December's low, the November-2014 high on the monthly continuation chart crossing at 4.544 is the next upside target. Closes below the 20-day moving average crossing at 3.912 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 4.205. Second resistance is the November-2014 high on the monthly continuation chart crossing at 4.544. First support is the 20-day moving average crossing at 3.912. Second support is the July 16^th low crossing at 3.572.  

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

The September Dollar closed sharply higher on Friday and above the 20-day moving average crossing at 92.50 signaling that a short-term low has been posted. The high-range close sets the stage for a higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off May's low, March's high crossing at 93.43 is the next upside target. Closes below the 50-day moving average crossing at 91.80 would open the door for additional weakness near-term. First resistance is July's high crossing at 93.20. Second resistance is March's high crossing at 93.43. First support is last-Friday's low crossing at 91.78. Second support is the 50% retracement level of the May-July-rally crossing at 91.49. 

The September Euro closed sharply lower on Friday and spiked below July's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off May's high, March's low crossing at 117.47 is the next downside target. Closes below the 10-day moving average crossing at 118.47 would signal that a short-term low has been posted. First resistance is the July 30^th high crossing at 119.19. Second resistance is the 50-day moving average crossing at 119.51. First support is today's low crossing at 117.62. Second support is March's low crossing at 117.47.

The September British Pound closed lower on Friday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Monday'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 July's low, the June 16^th high crossing at 1.4135 is the next upside target. Closes below the 20-day moving average crossing at 1.3833 would signal that a short-term top has been posted. First resistance is the July 30^th high crossing at 1.3985. Second resistance is the June 16^th high crossing at 1.4135. First support is the 20-day moving average crossing at 1.3833. Second support is the 25% retracement level of the 2020-2021-rally crossing at 1.3578.  

The September Swiss Franc closed sharply lower on Friday and below the 20-day moving average crossing at 1.0960 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the July 20^th low crossing at 1.0845 is the next downside target. If September renews the rally off July's low, the 75% retracement level of the June-July-decline crossing at 1.1125 is the next upside target. First resistance is Wednesday's high crossing at 1.1100. Second resistance is the 75% retracement level of the June-July-decline crossing at 1.1125. First support is the July 20^th low crossing at 1.0845. Second support is July's low crossing at 1.0801.

The September Canadian Dollar closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night 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 79.63 would signal that a short-term top has been posted. If September renews the rally off July's low, the 50-day moving average crossing at 80.81 is the next upside target. First resistance is the July 30^th high crossing at 80.50. Second resistance is the 50-day moving average crossing at 80.81. First support is the 20-day moving average crossing at 79.63. Second support is July's low crossing at 78.08. 

The September Japanese Yen closed lower on Friday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the July 14^th low crossing at 0.090375 would signal that a short-term top has been posted while opening the door for a possible test of July's low crossing at 0.089605. If September extends the rally off July's low, the May 25^th high crossing at 0.092170 is the next upside target. First resistance is the May 25^th high crossing at 0.092170. Second resistance is May's high crossing at 0.092295. First support is the July 14^th low crossing at 0.090375. Second support is July's low crossing at 0.089605.  

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

December gold closed sharply lower on Friday marking a downside breakout of the July-August trading range. Today's sell off was triggered by the strong rally in the U.S. Dollar. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 29^th low crossing at $1754.50 would renew the decline off June's high. Closes above July's high crossing at $1839.00 are needed to confirm that a short-term low has been posted. First resistance is July's high crossing at $1839.00. Second resistance is the 62% retracement level of the June-decline crossing at $1857.90. First support is the June 29th low crossing at $1754.50. Second support is April 13^th low crossing at $1730.00.  

September silver closed sharply lower on Friday as it renewed the decline off May's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning 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 23.825 is the next downside target. Closes above the 20-day moving average crossing at 25.462 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 25.462. Second resistance is the 50-day moving average crossing at 26.370. First support is today's low crossing at 24.205. Second support is March's low crossing at 23.825.  

September copper closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 the decline off July's high, July's low crossing at 416.65 is the next downside target. Closes above the 10-day moving average crossing at 444.52 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 444.52. Second resistance is July's high crossing at 462.75. First support is Thursday's low crossing at 430.55. Second support is July's low crossing at 416.65.

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

December Corn closed up $0.03 1/2-cents at $5.56 1/2. 

December corn closed higher on Friday as it extends the trading range of the past two-weeks. Today's high-range close sets the stage for a steady to higher opening when Monday's night 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 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 July 26^th low crossing at $5.32 1/4 would confirm a downside breakout of the aforementioned trading range while opening the door for a possible test of July's low crossing at $5.07. 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 July 26th low crossing at $5.32 1/4. Second support is July's low crossing at $5.07.    

September wheat closed up $0.06 1/4-cents at $7.19.  

September wheat closed higher on Friday ending a three-day decline.The high-range close sets the stage for a steady to higher opening when Monday's night 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 $6.91 1/2 would signal that a short-term top has been posted. If September renews the rally off July's low, the 87% retracement level of the May-July-decline crossing at $7.47 1/4 is the next upside target. First resistance is the 75% retracement level of the May-July-decline crossing at $7.28 1/4. Second resistance is the 87% retracement level of the May-July-decline crossing at $7.47 1/4. First support is the 10-day moving average crossing at $7.05 1/4. Second support is the 20-day moving average crossing at $6.91 1/2.

September Kansas City Wheat closed up $0.14 1/4-cents at $7.05 3/4.

September Kansas City wheat closed higher on Friday ending a two-day correction. The high-range close sets the stage for a steady to higher opening when Monday's night 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 $6.60 3/4 would signal that a short-term top has been posted. If September extends the rally off July's low, the 87% retracement level of the May-July-decline crossing at $7.23 3/4 is the next upside target. First resistance is Wednesday's high crossing at $7.19. Second resistance is the 87% retracement level of the May-July-decline crossing at $7.23 3/4. First support is the 10-day moving average crossing at $6.79. Second support is the 20-day moving average crossing at $6.60 3/4.  

September Minneapolis wheat closed up $0.12 1/2-cents at $9.16 1/4. 

September Minneapolis wheat closed higher on Friday as it extends the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September resumes 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 July 26^th low crossing at $8.70 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is July'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 July 26^th low crossing at $8.70. Second support is the 50-day moving average crossing at $8.32 3/4. 

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

November soybeans closed up $0.08 1/4-cents at $13.36 3/4.

November soybeans closed higher on Friday as it consolidated some of Tuesday's decline.The high-range close sets the stage for a higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $13.61 3/4 would signal that a short-term low has been posted. If November renews the decline off the July 19th high, July's low crossing at $13.00 1/2 is the next downside target. First resistance is the July 19^th high crossing at $14.18. Second resistance is July's high crossing at $14.23. First support is the July's low crossing at $13.00 1/2. Second support is the June 25^th low crossing at $12.59 3/4.

December soybean meal closed up $0.40 to $357.70. 

December soybean meal closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night 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 $361.00 would signal that a double bottom with June's low has been posted. If December extends the decline off July's high, June's low crossing at $347.00 is the next downside target. First resistance is the 20-day moving average crossing at $361.00. Second resistance is the 50-day moving average crossing at $371.40. First support is Wednesday's low crossing at $348.60. Second support is June's low crossing at $347.00.       

December soybean oil closed down 41-pts. at 61.27. 

December soybean oil posted an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 December extends the decline off July's high, July's low crossing at 58.67 is the next downside target. Closes above the 20-day moving average crossing at 63.04 would signal that a short-term low has been posted. First resistance is the July 29^th high crossing at 66.55. Second resistance is July's high crossing at 66.34. First support is July's low crossing at 58.67. Second support is the June 25^th low crossing at $57.39. 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

October hogs closed up $0.48 at $87.60. 

October hogs closed higher on Friday as it consolidated some of the decline off July's high high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, July's low crossing at $83.13 is the next downside target. Closes above Wednesday's high crossing at $91.72 would confirm that a short-term low has been posted. First resistance is July's high crossing at $94.05. Second resistance is June's high crossing at $97.98. First support is today's low crossing at $85.63. Second support is July's low crossing at $83.13. 

October cattle closed up $0.30 at $127.88. 

October cattle closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 $126.66 would signal that a short-term top has been posted. If October renews the rally off the July 19^th low, June's high crossing at $130.48 is the next upside target. First resistance is July's high crossing at $129.93. Second resistance is June's high crossing at $130.48. First support is the 50-day moving average crossing at $126.66. Second support is the July 19^th low crossing at $124.05.  

September Feeder cattle closed up $2.18 at $163.33. 

September feeder cattle closed sharply higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If September renewed the decline off July's high, the 50-day moving average crossing at $158.77 is the next downside target. If September renewed the rally off May's low, the 50% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $174.84 is the next upside target. First resistance is July's high crossing at $165.53. Second resistance is the 50% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $174.84. First support is the 50-day moving average crossing at $158.77. Second support is the July 19^th low crossing at $156.58.   

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

September coffee closed lower on Friday as it extended this week's narrow trading range. The mid-range close sets the stage for a steady opening on Monday. 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 50-day moving average crossing at $164.64 is the next downside target. Closes above the 10-day moving average crossing at $186.22 would signal that a short-term low has been posted. 

September cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 25.05 is the next upside target. Closes below the 20-day moving average crossing at 23.66 would signal that a short-term top has been posted.                         

October sugar closed higher on Friday as it renewed this year's rally. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July's low, the 38% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 19.47 is the next upside target. Closes below the 50-day moving average crossing at 17.61 would signal that a short-term top has been posted.       

December cotton closed higher on Friday as it extended this year's rally. The high-range close sets the stage for a steady to higher opening on Monday. 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 May's low, weekly resistance on the continuation chart crossing at 93.45 is the next upside target. Closes below the 50-day moving average crossing at 87.50 would signal that a short-term top has been posted.