KEY EVENTS TO WATCH FOR:

Wednesday, August 18, 2021

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 754.8)

                       Composite Idx, W/W% (previous +2.8%)

                       Purchase Idx-SA (previous 252)

                       Purchase Idx-SA, W/W% (previous +1.8%)

                       Refinance Idx (previous 3684.3)

                       Refinance Idx, W/W% (previous +3.2%)

8:30 AM ET. July New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.643M)

                       Housing Starts, M/M% (previous +6.3%)

                       Building Permits (previous 1.598M)

                       Building Permits, M/M% (previous -5.1%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 438.777M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -0.448M)

                       Gasoline Stocks (Bbl) (previous 227.469M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.401M)

                       Distillate Stocks (Bbl) (previous 140.511M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.767M)

                       Refinery Usage (previous 91.8%)

                       Total Prod Supplied (Bbl/day) (previous 19.514M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.654M)

2:00 PM ET. Federal Open Market Committee meeting minutes published

Thursday, August 19, 2021  

8:30 AM ET. August Philadelphia Fed Business Outlook Survey

                       Business Activity (previous 21.9)

                       Prices Paid (previous 69.7)

                       Employment (previous 29.2)

                       New Orders (previous 17.0)

                       Prices Received (previous 46.8)

                       Delivery Times (previous 33.3)

                       Inventories (previous -4.0)

                       Shipments (previous 24.6)

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

                       Jobless Claims (previous 375K)

                       Jobless Claims, Net Chg (previous -12K)

                       Continuing Claims (previous 2866000)

                       Continuing Claims, Net Chg (previous -114K)

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

                       Corn (Metric Tons) (previous 979.4K)

                       Soybeans (Metric Tons) (previous 1217.2K)

                       Wheat (Metric Tons) (previous 293.1K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Leading Indicators

                       Leading Index, M/M% (previous +0.7%)

                       Leading Index (previous 115.1)

                       Coincident Index, M/M% (previous +0.4%)

                       Lagging Index, M/M% (previous +0%)

10:00 AM ET. 2^nd Quarter Quarterly Retail E-Commerce Sales

10:00 AM ET. 2^nd Quarter Advance Quarterly Services

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

                       Working Gas In Storage (Cbf) (previous 2776B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +49B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, August 20, 2021  

10:00 AM ET. July State Employment and Unemployment

N/A               U.S: Hawaii Statehood Day

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

The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it consolidates some of Tuesday'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the August 5^th high crossing at 15,172.50 or below the July 27^th low crossing at 14,774.25 are needed to confirm a breakout of the July-August trading range and point the direction of the next trending move. First resistance is the August 5^th high crossing at 15,172.50. Second resistance is unknown. First support is the July 27^th low crossing at 14,774.25. Second support is the 50-day moving average crossing at 14,690.58.  

The September S&P 500 was was steady to slightly lower overnight as it extends Tuesday's decline. The mid-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 overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4419.02 would signal that a short-term top has been posted. If September extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 4476.50. Second resistance is unknown. First support is the 20-day moving average crossing at 4419.02. Second support is the 50-day moving average crossing at 4337.58.               

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

INTEREST RATES: September T-bonds were lower overnight as it consolidated some of the rally off last-Thursday's low. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Thursday's low, the July 20^th high crossing at 167-04 is the next upside target. Closes below the 50-day moving average crossing at 162-16 would confirm that a short-term top has been posted. First resistance is the July 20^th high crossing at 167-04. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 169-10. First support is the 50-day moving average crossing at 162-16. Second support is the July 13^th low crossing at 161-06.

September T-notes were lower overnight as it consolidates some of the rally off last-Wednesday's low. Overnight weakness sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Wednesday's low, July's high crossing at 135.140 is the next upside target. Closes below the 50-day moving average crossing at 133.139 would signal that a short-term top has been posted. First resistance is July's high crossing at 135.140. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 136.087. First support is the 50-day moving average crossing at 133.139. Second support is the July 14^th low crossing at 132.300.   

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

ENERGIES:October crude oil was higher overnight as it consolidated some of the decline of the past four-sessions.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. If October extends the decline off the late-July high, the 25% retracement level of the 2020-2021-rally crossing at $63.90 is the next downside target. Closes above the 50-day moving average crossing at $70.20 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $70.20. Second resistance is the July 30^th high crossing at $73.52. First support is the 25% retracement level of the 2020-2021-rally crossing at $63.90. Second support is May's low crossing at $60.68.

October heating oil was higher overnight as it consolidated some of the decline 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off the late-July high, July's low crossing at $1.9642 is the next downside target. Closes above the 50-day moving average crossing at $2.1188 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $2.1188. Second resistance is July's high crossing at $2.2094. First support is July's low crossing at $1.9642. Second support is the 25% retracement level of the 2020-2021-rally crossing at $1.9446.

October unleaded gas was steady to slightly higher overnight as it consolidates some of the decline 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 oversold but remain 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 1.9312 is the next downside target. Closes above the 20-day moving average crossing at 2.1209 would temper the near-term bearish outlook. First resistance is last-Thursday's high crossing at 2.1565. Second resistance is the July 30^th high crossing at $2.2049. First support is Tuesday's low crossing at $2.0324. Second support is July's low crossing at $1.9312.  

October Henry natural gas was higher overnight as it consolidates some of the decline off August's high. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, the 50-day moving average crossing at 3.709 is the next downside target. Closes above the 20-day moving average crossing at 4.009 would temper the near-term bearish outlook. First resistance resistance is August's high crossing at 4.211. Second resistance is monthly resistance on the monthly continuation chart crossing at 4.544. First support is the 50-day moving average crossing at 3.709. Second support is the July 16^th low crossing at 3.583.    

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

CURRENCIES:The September Dollar was slightly higher overnight as it extended the rally off last-Friday's low. Overnight strength 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 July's low, March's high crossing at $93.43 is the next upside target. Closes below the 50-day moving average crossing at $92.26 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $93.21. Second resistance is March's high crossing at $93.43. First support is the 50-day moving average crossing at $92.26. Second support is July's low crossing at $91.78.

The September Euro was steady to slightly lower overnight as it extended 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 bullish signaling that sideways to lower prices are possible near-term. If September resumes the decline off July's high crossing at $119.16, the 50% retracement level of the 2020-2021-rally crossing at $116.07 is the next downside target. Closes above the 20-day moving average crossing at $118.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $118.00. Second resistance is the 50-day moving average crossing at $118.77. First support is the overnight low crossing at $117.07. Second support is the 50% retracement level of the 2020-2021-rally crossing at $116.07.

The September British Pound was higher overnight as it consolidates some of the decline off the late-July high. Overnight strength sets the stage for a steady to higher opening when the day session beings 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 aforementioned decline, the July 2^nd low crossing at 1.3733 is the next downside target. Closes above the 50-day moving average crossing at 1.3872 would signal that a short-term low has been posted.First resistance is the 50-day moving average crossing at 1.3872. Second resistance is July's high crossing at 1.3985. First support is Tuesday's low crossing at 1.3727. Second support is the July 2^nd low crossing at 1.3733.

The September Swiss Franc was lower overnight. Overnight weakness 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. If September extends the rally off August's low, August's high crossing at 1.1100 is the next upside target. If September renews the decline off August's high, July's low crossing at 1.0801 is the next downside target. First resistance is Tuesday's high crossing at 1.0997. Second resistance is August's high crossing at 1.1100. First support is last-Wednesday's low crossing at 1.0828. Second support is July low crossing at 1.0801.  

The September Canadian Dollar was steady to slightly lower overnight. Overnight weakness 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, July's low crossing at $78.08 is the next downside target. If September renews the rally off July's low, the 50-day moving average crossing at 80.29 is the next upside target. First resistance is the 50-day moving average crossing at 80.29. Second resistance is the July 30^th high crossing at $80.50. First support is Tuesday's low crossing at $79.06. Second support is July's low crossing at $78.08.

The September Japanese Yen was lower overnight. Overnight weakness sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 0.090826 would temper the near-term neutral to friendly outlook. If September extends the rally off last-Wednesday's low, August's high crossing at 0.092000 is the next upside target. Closes below last-Wednesday's low crossing at 0.090270 would open the door for a possible test of July's low crossing at 0.089635. First resistance is August's high crossing at 0.092000. Second resistance is May's high crossing at 0.092295. First support is last-Wednesday's low crossing at 0.090675. Second support is July's low crossing at 0.089635.

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

PRECIOUS METALS:Decembergold was steady to slightly lower overnight as it consolidates some of the rally off August's low. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1790.40 would signal that a low has been posted. First resistance is 20-day moving average crossing at $1790.40. Second resistance is the 50-day moving average crossing at $1804.40. First support is August's low crossing at $1677.90. Second support is weekly support crossing at $1667.00.

September silver was slightly higher overnight. Overnight strength 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. Closes above the 20-day moving average crossing at $24.559 would signal that a short-term low has been posted. If September resumes the decline off August's high, the 50% retracement level of the 2020-rally crossing at $21.344 is the next downside target. First resistance is the 10-day moving average crossing at $24.778. Second resistance is the 20-day moving average crossing at $24.559. First support is August's low crossing at $22.295. Second support is the 50% retracement level of the 2020-rally crossing at $21.344.

September copper was lower overnight as it extends the decline off July'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 July's high, June's low crossing at 4.0940 is the next downside target. Closes above last-Friday's high crossing at 4.4310 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 4.4310. Second resistance is July's high crossing at 4.6275. First support is the overnight low crossing at 4.1680. Second support is June's low crossing at 4.0940.    

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

December corn was higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.56 1/4 would signal that a short-term top has been posted. If December renews the rally off July's low, July's high crossing at $6.11 1/4 is the next upside target. First resistance is last-Thursday's high crossing at $5.94 1/4. Second resistance is July's high crossing at $6.11 1/4. First support is the July 26^th low crossing at $5.32 1/4. Second support is July's low crossing at $5.07.         

September wheat was higher in late-overnight trading as it consolidates some of the decline off last-Friday's high. Overnight strength sets the stage for a steady to higher opening when the day 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 $7.17 would signal that a double top with May's high has been posted. If September extends the rally off July's low, the February-2013 high on the weekly continuation chart crossing at $7.90 is the next upside target. First resistance is last-Friday's high crossing at $7.74 3/4. Second resistance is the February-2013 high on the month continuation chart crossing at $7.90. First support is the 20-day moving average crossing at $7.17. Second support is the 50-day moving average crossing at $6.83 1/2.

September Kansas City wheat was higher in late-overnight trading as it consolidates some of Tuesday's decline. Overnight strength 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 $6.93 1/4 would signal that a short-term top has been posted. If September extends the rally off July's low, the 38% retracement level of the 2008-2019 decline crossing at $7.64 1/4 is the next upside target. First resistance is the 38% retracement level of the 2008-2019 decline crossing at $7.64 1/4. Second resistance is May-2014 high on the monthly continuation chart crossing at $8.55 1/2. First support is the 20-day moving average crossing at $6.93 1/4. Second support is the 50-day moving average crossing at $6.52.  

September Minneapolis wheat was higher overnight. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $9.12 would signal that a short-term top has been posted. 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. First resistance is last-Friday's high crossing at $9.53. Second resistance is the September-2012 high on the monthly continuation chart crossing at $9.83 1/2. First support is the 20-day moving average crossing at $9.12. Second support is the July 26^th low crossing at $8.70.   

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

November soybeans were lower overnight as it consolidates some of the rally off August's low. Overnight weakness set the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $13.46 would signal that a short-term top has been posted. If November extends the aforementioned rally, the July 19^th high crossing at $14.18 is a potential upside 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 August's low crossing at $13.08 3/4. Second support is July's low crossing at $13.00 1/2.

December soybean meal was lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible. If December renews the decline off the July 21^st high, June's low crossing at $347.00 is the next downside target. Closes above the 50-day moving average crossing at $366.10 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $366.10. Second resistance is the July 21^st high crossing at $375.70. First support is August's low crossing at $348.60. Second support is June's low crossing at $347.00. 

December soybean oil was lower overnight as it consolidates some of the rally off last-Monday's low. Overnight weakness sets the stage for a steady to lower 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-Monday's low, the July 29^th high crossing at 65.04 is the next upside target. If December resumes the decline off July's high, July's low crossing at 58.03 is the next downside target. First resistance is the July 29^th high crossing at 65.04. Second resistance is July's high crossing at 66.34. First support is last-Monday's low crossing at 59.37. Second support is July's low crossing at 58.03.